https://www.taxtmi.com/caselaws?id=266131 The Tribunal allowed the appeal, directing the Assessing Officer to allow depreciation on vehicles at the higher rate of 30%. The Tribunal found that the assessee primarily earned income from hiring vehicles based on substantial rental receipts, contrary to the Department's belief that the vehicles were not used for hire but for road construction and trading activities. The Commissioner's decision to disallow a part of the depreciation claim was overturned, emphasizing the importance of considering actual activities over mere declarations in tax returns. en-us Thu, 05 Feb 2015 00:00:00 +0530 Sat, 17 Oct 2015 23:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266131 The Tribunal allowed the appeal, directing the Assessing Officer to allow depreciation on vehicles at the higher rate of 30%. The Tribunal found that the assessee primarily earned income from hiring vehicles based on substantial rental receipts, contrary to the Department's belief that the vehicles were not used for hire but for road construction and trading activities. The Commissioner's decision to disallow a part of the depreciation claim was overturned, emphasizing the importance of considering actual activities over mere declarations in tax returns. Case-Laws Income Tax Thu, 05 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266131