https://www.taxtmi.com/caselaws?id=284240 Passenger buses operating on fixed routes as public transport were treated as buses used on hire for higher depreciation purposes. The Tribunal followed its earlier view in the assessee's own case and held that an implied contract of hire arises when passengers pay separate fares for carriage on a route, so the distinction between a vehicle hired for a period and a stage carriage was not material. Relying on the Motor Vehicles Act definitions of stage carriage and contract carriage, and supporting case law, it concluded that the higher depreciation rate applied and the Revenue's challenge failed. en-us Mon, 18 Sep 2017 00:00:00 +0530 Fri, 08 Nov 2019 08:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284240 Passenger buses operating on fixed routes as public transport were treated as buses used on hire for higher depreciation purposes. The Tribunal followed its earlier view in the assessee's own case and held that an implied contract of hire arises when passengers pay separate fares for carriage on a route, so the distinction between a vehicle hired for a period and a stage carriage was not material. Relying on the Motor Vehicles Act definitions of stage carriage and contract carriage, and supporting case law, it concluded that the higher depreciation rate applied and the Revenue's challenge failed. Case-Laws Income Tax Mon, 18 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284240