Motor vehicle being a self-propelled vehicle eligible for depreciation @33.40%

ACIT Vs Apraava Energy Pvt. Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that motor vehicles qualify as self-propelled vehicles and accordingly depreciation at the rate of 33.40% available on the same.

Facts- AO observed that assessee has claimed exempt income amounting to Rs.2,66,445/-. Further, from a perusal of the profit & loss account of the assessee, the AO observed that the assessee has claimed expenditure on account of interest payment on loans. Accordingly, after taking the submissions of th

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