https://www.taxtmi.com/caselaws?id=249126 Aircraft owned by the assessee were held to fall within the relevant depreciation entry for aeroplanes, and the applicable schedule was construed by the jurisdictional High Court to allow depreciation at 40% rather than 15%. That interpretation had also been followed in the assessee's earlier years, making the lower rate adopted by the Assessing Officer unsustainable. The departmental appeals therefore failed, and the higher depreciation rate was confirmed in favour of the assessee. en-us Mon, 23 Jun 2014 00:00:00 +0530 Fri, 04 Jul 2014 20:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249126 Aircraft owned by the assessee were held to fall within the relevant depreciation entry for aeroplanes, and the applicable schedule was construed by the jurisdictional High Court to allow depreciation at 40% rather than 15%. That interpretation had also been followed in the assessee's earlier years, making the lower rate adopted by the Assessing Officer unsustainable. The departmental appeals therefore failed, and the higher depreciation rate was confirmed in favour of the assessee. Case-Laws Income Tax Mon, 23 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249126