https://www.taxtmi.com/caselaws?id=209657 The High Court affirmed the Income-tax Appellate Tribunal's decision, ruling that the gas cylinder mounted on a truck qualifies for 100% depreciation under Section 32 of the Income-tax Act, 1961. The Court emphasized that the gas cylinder's essential character prevails over its attachment to a transport vehicle, rejecting the Revenue's argument for 40% depreciation based on the vehicle's registration. The judgment clarified the distinction between the cylinder and the truck, highlighting legislative intent and statutory provisions to support the 100% depreciation claim. en-us Thu, 28 Apr 2011 00:00:00 +0530 Wed, 19 Dec 2012 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209657 The High Court affirmed the Income-tax Appellate Tribunal's decision, ruling that the gas cylinder mounted on a truck qualifies for 100% depreciation under Section 32 of the Income-tax Act, 1961. The Court emphasized that the gas cylinder's essential character prevails over its attachment to a transport vehicle, rejecting the Revenue's argument for 40% depreciation based on the vehicle's registration. The judgment clarified the distinction between the cylinder and the truck, highlighting legislative intent and statutory provisions to support the 100% depreciation claim. Case-Laws Income Tax Thu, 28 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209657