https://www.taxtmi.com/caselaws?id=334425 The Tribunal allowed the appeal of the assessee and deleted the disallowance made by the Assessing Officer, ruling that the rate of depreciation on a new motor car should align with statutory provisions and definitions. The decision emphasized the importance of a comprehensive analysis of relevant legal provisions to ensure accurate application of depreciation rates for commercial vehicles used for business purposes. The judgment underscored the necessity of adhering to statutory definitions and guidelines to provide appropriate depreciation benefits to taxpayers in accordance with the law. en-us Fri, 09 Sep 2016 00:00:00 +0530 Mon, 14 Nov 2016 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334425 The Tribunal allowed the appeal of the assessee and deleted the disallowance made by the Assessing Officer, ruling that the rate of depreciation on a new motor car should align with statutory provisions and definitions. The decision emphasized the importance of a comprehensive analysis of relevant legal provisions to ensure accurate application of depreciation rates for commercial vehicles used for business purposes. The judgment underscored the necessity of adhering to statutory definitions and guidelines to provide appropriate depreciation benefits to taxpayers in accordance with the law. Case-Laws Income Tax Fri, 09 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334425