https://www.taxtmi.com/caselaws?id=69148 Depreciation at 40 per cent was allowable for motor buses used in a transport business where the vehicles were operated on regular routes and receipts were earned from passengers. The applicable tax schedule distinguished between buses not used in a business of running them on hire and buses so used; the tribunal applied the broader meaning of hiring under the Motor Vehicles Act, 1939, holding that passenger transport for fare or reward falls within that concept. The fact that individual tickets were issued to passengers did not take the buses outside a business of running them on hire, so the higher depreciation rate applied. en-us Wed, 15 Jan 1986 00:00:00 +0530 Tue, 05 Apr 2011 14:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69148 Depreciation at 40 per cent was allowable for motor buses used in a transport business where the vehicles were operated on regular routes and receipts were earned from passengers. The applicable tax schedule distinguished between buses not used in a business of running them on hire and buses so used; the tribunal applied the broader meaning of hiring under the Motor Vehicles Act, 1939, holding that passenger transport for fare or reward falls within that concept. The fact that individual tickets were issued to passengers did not take the buses outside a business of running them on hire, so the higher depreciation rate applied. Case-Laws Income Tax Wed, 15 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69148