https://www.taxtmi.com/highlights?id=54683 Depreciation on vehicles u/s 32 - @30% or 50% - special rate of depreciation - assessee has claimed depreciation @ 50% i.e. on tankers - Since the assessing officer has treated such expenditure as capital expenditure, therefore, we consider that no new asset has been created on renovation of the commercial vehicle. Therefore, the claim of the assessee for depreciation @ 50% applicable to the particular block of assets is justified. - AT en-us Wed, 09 Sep 2020 10:27:07 +0530 Wed, 09 Sep 2020 10:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54683 Depreciation on vehicles u/s 32 - @30% or 50% - special rate of depreciation - assessee has claimed depreciation @ 50% i.e. on tankers - Since the assessing officer has treated such expenditure as capital expenditure, therefore, we consider that no new asset has been created on renovation of the commercial vehicle. Therefore, the claim of the assessee for depreciation @ 50% applicable to the particular block of assets is justified. - AT Highlights Income Tax Wed, 09 Sep 2020 10:27:07 +0530 https://www.taxtmi.com/highlights?id=54683