https://www.taxtmi.com/highlights?id=67486 Depreciation on the Cranes given on lease to Oil India Limited @ 30% disallowed - according to the Revenue, such assets were not used for hire and, therefore, are not entitled to claim higher rate of depreciation - The moment assessee has let out the Cranes, then it is to be construed that these assets were being used in the hiring business of the assessee. - AT en-us Wed, 04 Jan 2023 08:30:23 +0530 Wed, 04 Jan 2023 08:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67486 Depreciation on the Cranes given on lease to Oil India Limited @ 30% disallowed - according to the Revenue, such assets were not used for hire and, therefore, are not entitled to claim higher rate of depreciation - The moment assessee has let out the Cranes, then it is to be construed that these assets were being used in the hiring business of the assessee. - AT Highlights Income Tax Wed, 04 Jan 2023 08:30:23 +0530 https://www.taxtmi.com/highlights?id=67486