https://www.taxtmi.com/caselaws?id=297972 The Court ruled in favor of the assessee, allowing the higher depreciation rate of 30% for vehicles used in transporting LPG cylinders under a contract. The Court found that the assessee's business fell within the scope of transportation of goods on hire, as clarified by Circular No.652, entitling them to the increased depreciation rate. The Commissioner of Income Tax and Tribunal's orders were overturned, and the original 30% depreciation allowance was reinstated. Each party was directed to bear their own costs. en-us Wed, 25 Nov 2020 00:00:00 +0530 Sat, 02 Oct 2021 10:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297972 The Court ruled in favor of the assessee, allowing the higher depreciation rate of 30% for vehicles used in transporting LPG cylinders under a contract. The Court found that the assessee's business fell within the scope of transportation of goods on hire, as clarified by Circular No.652, entitling them to the increased depreciation rate. The Commissioner of Income Tax and Tribunal's orders were overturned, and the original 30% depreciation allowance was reinstated. Each party was directed to bear their own costs. Case-Laws Income Tax Wed, 25 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297972