https://www.taxtmi.com/caselaws?id=19631 The court ruled in favor of the assessee, allowing depreciation at 40% for a truck used for personal business and hire purposes, contrary to the Income-tax Officer's decision of 30%. Emphasizing the distinction between vehicles used for personal business and hire, the court highlighted the need for evidence of hire usage to qualify for the higher depreciation rate. The Tribunal was directed to reconsider the case, ensuring a thorough examination of the evidence and adherence to established legal principles without automatically following previous judgments. en-us Tue, 15 Dec 1992 00:00:00 +0530 Sat, 07 Nov 2009 15:48:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19631 The court ruled in favor of the assessee, allowing depreciation at 40% for a truck used for personal business and hire purposes, contrary to the Income-tax Officer's decision of 30%. Emphasizing the distinction between vehicles used for personal business and hire, the court highlighted the need for evidence of hire usage to qualify for the higher depreciation rate. The Tribunal was directed to reconsider the case, ensuring a thorough examination of the evidence and adherence to established legal principles without automatically following previous judgments. Case-Laws Income Tax Tue, 15 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19631