https://www.taxtmi.com/caselaws?id=398194 The Appellate Tribunal ITAT Ahmedabad allowed the appeal partly, directing the assessing officer to permit depreciation at a higher rate of 50% for heavy goods vehicles purchased in specific financial years. The Tribunal rejected the assessing officer's decision to limit depreciation to 30%, emphasizing that the renovation expenses did not create new assets but maintained the existing block of assets. The Tribunal dismissed other grounds of appeal related to interest charges and penalty initiation, ultimately ruling in favor of the assessee. en-us Wed, 27 May 2020 00:00:00 +0530 Wed, 09 Sep 2020 10:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398194 The Appellate Tribunal ITAT Ahmedabad allowed the appeal partly, directing the assessing officer to permit depreciation at a higher rate of 50% for heavy goods vehicles purchased in specific financial years. The Tribunal rejected the assessing officer's decision to limit depreciation to 30%, emphasizing that the renovation expenses did not create new assets but maintained the existing block of assets. The Tribunal dismissed other grounds of appeal related to interest charges and penalty initiation, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398194