Transportation business entitled to higher truck depreciation rate; High Court of Rajasthan rules in favor.

The High Court of Rajasthan held that the assessee-firm, engaged in transportation business, was entitled to claim depreciation on trucks at 40% instead of the 30% allowed by the Income-tax Officer.

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The High Court of Rajasthan issued notices to the assessee regarding a question of law on depreciation of trucks. The Tribunal was directed to refer the case to the court for its opinion. The question was whether the assessee-firm, engaged in transportation business, was entitled to depreciation on trucks at 40% instead of 30% allowed by the Income-tax Officer.

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