https://www.taxtmi.com/caselaws?id=16501 Passenger bus operations conducted as a transport business were treated as use of vehicles in a business of running them on hire, so the higher 50% depreciation rate applied to the buses. Because the assessment order correctly allowed that depreciation, it was not erroneous or prejudicial to the Revenue, and revision under section 263 was unwarranted. The stated principle is that vehicles used in regular passenger or goods transport hiring activity qualify for the higher depreciation entry. en-us Fri, 03 Oct 1997 00:00:00 +0530 Tue, 08 Sep 2009 12:06:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16501 Passenger bus operations conducted as a transport business were treated as use of vehicles in a business of running them on hire, so the higher 50% depreciation rate applied to the buses. Because the assessment order correctly allowed that depreciation, it was not erroneous or prejudicial to the Revenue, and revision under section 263 was unwarranted. The stated principle is that vehicles used in regular passenger or goods transport hiring activity qualify for the higher depreciation entry. Case-Laws Income Tax Fri, 03 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16501