https://www.taxtmi.com/caselaws?id=343574 The CIT(A) deleted the addition of excess depreciation on aircraft claimed by the assessee at 40%, contrary to the AO's allowance of 15%. The ITAT upheld the CIT(A)'s decision, emphasizing the distinction between aircraft and ordinary plant/machinery for depreciation purposes. The ITAT affirmed the correctness of the CIT(A)'s order, rejecting the Revenue's challenge and highlighting the importance of applying specific provisions on asset depreciation. The ITAT dismissed the appeal, maintaining the deletion of excess depreciation based on the correct interpretation of the Income Tax Rules. en-us Fri, 26 May 2017 00:00:00 +0530 Mon, 29 May 2017 08:10:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343574 The CIT(A) deleted the addition of excess depreciation on aircraft claimed by the assessee at 40%, contrary to the AO's allowance of 15%. The ITAT upheld the CIT(A)'s decision, emphasizing the distinction between aircraft and ordinary plant/machinery for depreciation purposes. The ITAT affirmed the correctness of the CIT(A)'s order, rejecting the Revenue's challenge and highlighting the importance of applying specific provisions on asset depreciation. The ITAT dismissed the appeal, maintaining the deletion of excess depreciation based on the correct interpretation of the Income Tax Rules. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343574