Swift Dzire classifiable as LMV & eligible for additional depreciation

Authorised Representative: Utsav R. Doshi, Chartered Accountant ITAT Rajkot E-Bench knocks down CIT(A) order. Held that Swift Dzire is a motor-car which is classifiable as “LMV”, and therefore additional depreciation was permissible. Issue under Appeal Whether the assessee is entitled to claim depreciation at the rate of 50% on Maruti Shift car purchased by it during the accounting year relevant to the assessment year and used for the purpose of the business. Brief Facts Assessee has filed its return of income electronically on 21.9.2011 declaring total income at Rs.6,33,710/-. The assesse...