https://www.taxtmi.com/caselaws?id=286218 Income from hiring vehicles as a business is assessable under the business head, and vehicles used in that activity can qualify for development rebate as plant or machinery when replacement forms part of the business asset base. However, the higher depreciation rate for motor-taxis applies only to vehicles available for hire to the public generally and registered as such; vehicles hired only to a single customer do not fall within that category. Development rebate was therefore allowed on the new cars and lorries, but depreciation was restricted to the rate applicable to motor-cars. en-us Tue, 18 Dec 1962 00:00:00 +0530 Mon, 17 Feb 2020 18:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286218 Income from hiring vehicles as a business is assessable under the business head, and vehicles used in that activity can qualify for development rebate as plant or machinery when replacement forms part of the business asset base. However, the higher depreciation rate for motor-taxis applies only to vehicles available for hire to the public generally and registered as such; vehicles hired only to a single customer do not fall within that category. Development rebate was therefore allowed on the new cars and lorries, but depreciation was restricted to the rate applicable to motor-cars. Case-Laws Income Tax Tue, 18 Dec 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286218