https://www.taxtmi.com/caselaws?id=330726 The High Court resolved Issue 1 in favor of the assessee based on precedent and factual analysis, allowing depreciation on trucks not used for business purposes. However, Issue 2 was decided in favor of the revenue, restricting depreciation claims to 25% for trucks not employed in hire services. The court emphasized that higher depreciation rates apply only when trucks are used for hire, leading to a fair and legally sound judgment. en-us Tue, 05 Jul 2016 00:00:00 +0530 Thu, 04 Aug 2016 11:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330726 The High Court resolved Issue 1 in favor of the assessee based on precedent and factual analysis, allowing depreciation on trucks not used for business purposes. However, Issue 2 was decided in favor of the revenue, restricting depreciation claims to 25% for trucks not employed in hire services. The court emphasized that higher depreciation rates apply only when trucks are used for hire, leading to a fair and legally sound judgment. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330726