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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Depreciation rate clarification
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| 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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