Sec 44ae

Value of trucks in Your Balanec sheet can be shown at WDV but such depreciation cannot be allowed as an expense from your Income as calculated under the provision of sec 44AE

Business of plying, leasing or hiring trucks – Section 44AE

1] Applies to:

Any person engaged in the business of plying, leasing or hiring of trucks if he owns not more than 10 goods carriages at any time during the previous year including those taken on hire purchase or on instalments. This scheme does not apply to those who operate trucks on hire without owning them (Circular 684, dt. 10-6-1994)

2] Deemed Income:

section 28 to 44d will not apply... if your are ccomputing your income on the basis of 44AE....

however if in any year you wish to compute income under normal provisions of the income tax then, depreciation is to be calculated as if provisions of section 32 applies....

Depreciation & WDV will be calculated as if Section 44AE has  not been opted by assessee i.e according to normal provisions.

agree with all above... Depreciation would be allowed at time of assessment proceedings... even though it couldn't be claimed by the assessee in its ROI....