30 March 2009
Higher rate of depreciation is allowable only if the BUSINESS of the assessee is "running the vehicle's on hire". Citation:- CIT Vs Gupta Global Exim Pvt Ltd 305 ITR 132 (SC). But the Hon'ble Kerala High Court in Dr. K.R. Jayachandran's case ruled otherwise much earlier.In view of the SC decision cited supra, according to me, the latter decision has no merit as on today.
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