https://www.taxtmi.com/caselaws?id=284239 Buses operated in passenger transport for separate fares were treated as used on hire for depreciation purposes. Applying Rule 5 of the Income Tax Rules and the Motor Vehicles Act definitions, the Tribunal reasoned that public carriage of passengers involves an implied hire arrangement because consideration is paid for the right to travel. It held that there was no material distinction, for depreciation purposes, between hiring a vehicle as a whole and operating buses as contract or stage carriages. The assessee was therefore entitled to higher depreciation, and the Revenue's objection was rejected. en-us Wed, 23 Aug 2017 00:00:00 +0530 Fri, 08 Nov 2019 08:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284239 Buses operated in passenger transport for separate fares were treated as used on hire for depreciation purposes. Applying Rule 5 of the Income Tax Rules and the Motor Vehicles Act definitions, the Tribunal reasoned that public carriage of passengers involves an implied hire arrangement because consideration is paid for the right to travel. It held that there was no material distinction, for depreciation purposes, between hiring a vehicle as a whole and operating buses as contract or stage carriages. The assessee was therefore entitled to higher depreciation, and the Revenue's objection was rejected. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284239