https://www.taxtmi.com/caselaws?id=413069 The High Court allowed the appeal in favor of the appellant concerning the eligibility for higher depreciation under Clause III (3) (ii) of Appendix I to the Income Tax Rules, 1962 for the Assessment Year 2008-09. The Court upheld the appellant's claim for 30% depreciation on motor vehicles used in the business of transporting fuel, citing a previous judgment supporting the entitlement to higher depreciation. The Court found the Tribunal's decision to be erroneous and granted the appellant's higher depreciation claim, emphasizing the conformity of the business activity with the criteria for claiming higher depreciation. en-us Fri, 03 Sep 2021 00:00:00 +0530 Sat, 02 Oct 2021 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413069 The High Court allowed the appeal in favor of the appellant concerning the eligibility for higher depreciation under Clause III (3) (ii) of Appendix I to the Income Tax Rules, 1962 for the Assessment Year 2008-09. The Court upheld the appellant's claim for 30% depreciation on motor vehicles used in the business of transporting fuel, citing a previous judgment supporting the entitlement to higher depreciation. The Court found the Tribunal's decision to be erroneous and granted the appellant's higher depreciation claim, emphasizing the conformity of the business activity with the criteria for claiming higher depreciation. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413069