https://www.taxtmi.com/caselaws?id=292444 The High Court upheld the Tribunal's decision to allow 40% depreciation on a truck used for business operations, dismissing the Revenue's application. The Court emphasized that income from hiring the truck justified the higher depreciation rate, regardless of the primary business activity, distinguishing the case from previous rulings. The judgment clarified that the truck's income source, even if not the primary business, supported the higher depreciation rate, concluding that no legal question arose in allowing the 40% depreciation rate. en-us Fri, 05 Sep 2003 00:00:00 +0530 Thu, 24 Dec 2020 11:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292444 The High Court upheld the Tribunal's decision to allow 40% depreciation on a truck used for business operations, dismissing the Revenue's application. The Court emphasized that income from hiring the truck justified the higher depreciation rate, regardless of the primary business activity, distinguishing the case from previous rulings. The judgment clarified that the truck's income source, even if not the primary business, supported the higher depreciation rate, concluding that no legal question arose in allowing the 40% depreciation rate. Case-Laws Income Tax Fri, 05 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292444