Depreciation should be charged @ 33.33% and not 50% on vehicles given on lease
Jun. 08, 2016
Assessee leasing company claimed 50% depreciation on motor vehicles. AO held that vehicles not run for hire, and only 33.33% depreciation allowed. Commissioner (Appeals) and Tribunal upheld AO's oredr. High Court held that Entry No 111(2)(ii) of Appendix to the Income Tax Rules not satisfied by the assessee. Appeal dismissed. -MB-10960