JAYENDRA KHEDKAR (PROPRIETOR) (30 Points)
25 January 2012What is the rate of depreciation on FORKLIFT - a vehicle like crain, letting it on hire, whether 15% of plant & machinery or 30% of Motor buses, motor lorries nad motor taxis used in business of running them on hire? Please provide any case law if available.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 25 January 2012
| Originally posted by : JAYENDRA KHEDKAR | ||
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What is the rate of depreciation on FORKLIFT - a vehicle like crain, letting it on hire, whether 15% of plant & machinery or 30% of Motor buses, motor lorries nad motor taxis used in business of running them on hire? Please provide any case law if available. |
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would be entitled to depreciation at the rate of 30 per cent.
CIT v. Woolcombers India Ltd. [1984] 41 CTR (Cal.) 63
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