https://www.taxtmi.com/caselaws?id=255543 Payloaders, JCBs and 400V loaders registered as motor vehicles and used in a business of hiring them out were held eligible for higher depreciation as motor lorries. The tribunal followed its earlier decision in the assessee's own case and supporting High Court authority, treating the equipment as transport machinery for hire despite its primary excavation or lifting function. Rectification under section 154 was rejected because the depreciation question was debatable and not an apparent mistake. Reassessment under section 147 was also held invalid, since the same depreciation issue had already been examined in revision proceedings under section 263 and concluded in the assessee's favour. en-us Fri, 19 Dec 2014 00:00:00 +0530 Tue, 20 Jan 2015 09:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255543 Payloaders, JCBs and 400V loaders registered as motor vehicles and used in a business of hiring them out were held eligible for higher depreciation as motor lorries. The tribunal followed its earlier decision in the assessee's own case and supporting High Court authority, treating the equipment as transport machinery for hire despite its primary excavation or lifting function. Rectification under section 154 was rejected because the depreciation question was debatable and not an apparent mistake. Reassessment under section 147 was also held invalid, since the same depreciation issue had already been examined in revision proceedings under section 263 and concluded in the assessee's favour. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255543