https://www.taxtmi.com/caselaws?id=206170 Higher depreciation on a truck is available only where the statutory user condition is met, namely that the vehicle is used in a business of running motor lorries on hire. Mere leasing of the truck to another party does not satisfy that requirement if the assessee is not itself engaged in the business of hiring vehicles or transportation by hire. Applying binding precedent and the Supreme Court's approach to the depreciation entry, the Gujarat HC held that the assessee was not entitled to the 50% rate. The remand order was set aside and the Revenue's position was accepted. en-us Wed, 06 Jul 2011 00:00:00 +0530 Thu, 23 Feb 2012 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206170 Higher depreciation on a truck is available only where the statutory user condition is met, namely that the vehicle is used in a business of running motor lorries on hire. Mere leasing of the truck to another party does not satisfy that requirement if the assessee is not itself engaged in the business of hiring vehicles or transportation by hire. Applying binding precedent and the Supreme Court's approach to the depreciation entry, the Gujarat HC held that the assessee was not entitled to the 50% rate. The remand order was set aside and the Revenue's position was accepted. Case-Laws Income Tax Wed, 06 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206170