https://www.taxtmi.com/article/detailed?id=277 A late notification allows a higher 50% depreciation rate only for new commercial vehicles acquired and put to use within a narrowly prescribed period; the condition is cumulative and, if not satisfied, vehicles fall into lower-rate blocks. Because vehicles are accounted for in blocks, acquisitions in the notified block cannot be set off against sales from different blocks, potentially producing taxable short-term capital gains. The short announcement window and gestation requirements for body-building, registration, and use create evidentiary risks and likely disputes over put-to-use dates. en-us Thu, 29 Jan 2009 00:00:00 +0530 Thu, 29 Jan 2009 09:13:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=277 A late notification allows a higher 50% depreciation rate only for new commercial vehicles acquired and put to use within a narrowly prescribed period; the condition is cumulative and, if not satisfied, vehicles fall into lower-rate blocks. Because vehicles are accounted for in blocks, acquisitions in the notified block cannot be set off against sales from different blocks, potentially producing taxable short-term capital gains. The short announcement window and gestation requirements for body-building, registration, and use create evidentiary risks and likely disputes over put-to-use dates. Articles Income Tax Thu, 29 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=277