https://www.taxtmi.com/caselaws?id=368330 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the assessee regarding the depreciation claim on dumper and Volvo vehicles used for both mining operations and renting out. The Court agreed with the Tribunal's interpretation that the term 'motor lorries' in the rules encompassed vehicles like dumper and Volvo, entitling the assessee to claim higher depreciation rates. The Court emphasized that exclusive use of vehicles for hire was not a prerequisite for claiming increased depreciation, ultimately allowing the appeal and granting the assessee the higher depreciation rate. en-us Thu, 19 Jul 2018 00:00:00 +0530 Sat, 06 Oct 2018 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368330 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the assessee regarding the depreciation claim on dumper and Volvo vehicles used for both mining operations and renting out. The Court agreed with the Tribunal's interpretation that the term 'motor lorries' in the rules encompassed vehicles like dumper and Volvo, entitling the assessee to claim higher depreciation rates. The Court emphasized that exclusive use of vehicles for hire was not a prerequisite for claiming increased depreciation, ultimately allowing the appeal and granting the assessee the higher depreciation rate. Case-Laws Income Tax Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368330