https://www.taxtmi.com/caselaws?id=17818 The High Court of GAUHATI ruled in favor of the assessee in a case involving the interpretation of depreciation rates for trucks used in a transport business. The Court determined that the company indeed ran the trucks on hire for transporting goods, entitling them to a higher depreciation rate of 40% as opposed to the reduced rate of 30% imposed by the Assessing Officer. The Court emphasized the distinction between using vehicles for business purposes and running them on hire, ultimately overturning the Tribunal's decision and validating the Deputy Commissioner's order. en-us Thu, 26 Sep 1996 00:00:00 +0530 Fri, 25 Sep 2009 10:23:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17818 The High Court of GAUHATI ruled in favor of the assessee in a case involving the interpretation of depreciation rates for trucks used in a transport business. The Court determined that the company indeed ran the trucks on hire for transporting goods, entitling them to a higher depreciation rate of 40% as opposed to the reduced rate of 30% imposed by the Assessing Officer. The Court emphasized the distinction between using vehicles for business purposes and running them on hire, ultimately overturning the Tribunal's decision and validating the Deputy Commissioner's order. Case-Laws Income Tax Thu, 26 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17818