https://www.taxtmi.com/caselaws?id=69905 The Tribunal allowed the Revenue's appeal, emphasizing the applicability of deemed depreciation at 40% for vehicles used in hiring under s. 44AE. Once the assessee declares income under s. 44AE from hiring the vehicles, deemed depreciation is considered allowed at 40%, leading to the recalculated WDV and short-term capital gains assessment by the AO. The Tribunal found the CIT(A)'s reasoning flawed regarding the absence of hire charges and upheld the Revenue's claim, setting aside the CIT(A)'s order. en-us Fri, 21 Apr 2006 00:00:00 +0530 Tue, 17 Jul 2012 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69905 The Tribunal allowed the Revenue's appeal, emphasizing the applicability of deemed depreciation at 40% for vehicles used in hiring under s. 44AE. Once the assessee declares income under s. 44AE from hiring the vehicles, deemed depreciation is considered allowed at 40%, leading to the recalculated WDV and short-term capital gains assessment by the AO. The Tribunal found the CIT(A)'s reasoning flawed regarding the absence of hire charges and upheld the Revenue's claim, setting aside the CIT(A)'s order. Case-Laws Income Tax Fri, 21 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69905