depreciation rate - reg.
This query is : Resolved
30 March 2009
Depreciation rates for Transportation Vehicle (Lorry) for the assessment year of 2004-05,2005-06,2006-07,2007-08
HUZAIFA HUSSAIN
(Expert)
30 March 2009
For AY 2004-05 & 2005-06 --- 40%
FOR AY 2006-07 ONWARDS --- 30%
FOR AY 2006-07 ONWARDS --- 30%
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.
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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