https://www.taxtmi.com/caselaws?id=387963 The court upheld the Assessee's claim for higher depreciation for motor buses used in a hire business, rejecting the Assessing Officer's restrictive interpretation. The Tribunal's decision allowing 30% depreciation was supported, emphasizing the commercial purpose and economic impact of vehicles used in a hire business compared to personal use. The court found no fault with the Tribunal's interpretation, leading to the dismissal of the main cases and disposal of any pending applications. en-us Mon, 22 Jul 2019 00:00:00 +0530 Tue, 05 Nov 2019 22:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387963 The court upheld the Assessee's claim for higher depreciation for motor buses used in a hire business, rejecting the Assessing Officer's restrictive interpretation. The Tribunal's decision allowing 30% depreciation was supported, emphasizing the commercial purpose and economic impact of vehicles used in a hire business compared to personal use. The court found no fault with the Tribunal's interpretation, leading to the dismissal of the main cases and disposal of any pending applications. Case-Laws Income Tax Mon, 22 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387963