Depreciation @ 50% on cars can be allowed only on the fulfillment of definition of Commercial Vechile
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Brief facts relevant for adjudication of grounds No.1 & 2 are that the assessee is a company engaged in the business of manufacturing harness testers and measuring instruments. From the perusal of the Schedule of fixed assets forming part of the balance sheet, the Assessing Officer observed that the assessee has claimed depreciation at the rate of 50% i.e. `.1,85,508/- on cars. The opening WDV of block of vehicles on which the depreciation @50% claimed was at `.3,71,016/- and the same was claimed as “new commercial vehicles”. Accordingly the Assessing Officer queried the assessee as to why the depreciation should not be allowed at 20% instead of 50%
Citation :
M/s Blue Steel Engineers P. Ltd. Blue Steel House, D-12, MIDC, Street No.21, Marol, Andheri (E), Mumbai PAN NO.AAACB2866Q Appellant DCIT 8 (1), Mumbai. Vs. Respondent Appellant by: Mr. H.N.Motiwalla & Mr. Pyush Chhajed. Respondent by: Mr. P.C.Maurya
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Ayush
Published in Income Tax
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