TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal grants 50% depreciation claim for business motor car purchase</h1> <h3>Rushil Industries Versus ACIT Circle-1, Bhavnagar</h3> The Tribunal allowed the appeal, granting the assessee the depreciation claim at 50% for a motor car purchased for business purposes, amounting to Rs. ... Depreciation on commercial vehicle - claim @50% or 15% has been allowed by the Revenue - HELD THAT:- As relying on CIPRIANI HARRISON VALVES PVT LTD [2017 (4) TMI 116 - ITAT AHMEDABAD] ad SHREE BALAJI PRODUCTS [2016 (11) TMI 443 - ITAT AHMEDABAD] we decide the issue in favour of the assessee; the assessee is entitled to depreciation @50% as claimed. Hence, the appeal is allowed. Issues:Depreciation claim on a motor car at 50% denied by Revenue, Coordinate Bench judgments favoring the assessee.Analysis:1. The appeal concerned the denial of a depreciation claim on a motor car at 50%, with only 15% allowed by the Revenue for Assessment Year 2010-11.2. The assessee argued that the claim was based on a special insertion of rate for 'Commercial Vehicle,' citing judgments by the Coordinate Bench supporting their stance.3. The Ld. DR failed to counter the submissions made by the assessee during the hearing.4. The Tribunal considered the judgment in the matter of Shree Balaji Products vs. ITO, where the Coordinate Bench allowed the appeal and deleted the disallowance made by the AO.5. Additionally, the judgment in the matter of Cipriani Harrison Valves Pvt. Ltd. vs. JCIT was referenced, supporting the claim of depreciation at 50% for a motor car purchased for business purposes.6. The Tribunal found that the motor car purchased by the assessee qualified as a commercial vehicle as per the Income Tax Rules, entitling the assessee to claim depreciation at 50%.7. Relying on the decisions of the Coordinate Bench, the Tribunal allowed the appeal, granting the assessee the depreciation claim at 50% amounting to Rs. 24,80,124.8. Consequently, the appeal of the assessee was allowed, and the judgment was pronounced in Open Court on 22/04/2021.
TaxTMI 
