https://www.taxtmi.com/caselaws?id=445954 The ITAT Amritsar allowed the assessee's appeal against PCIT's revision under section 263 regarding depreciation rates on tipper vehicles. The assessee claimed depreciation at two rates - 15% and 30% for different vehicle blocks, which was accepted by AO in earlier years. PCIT sought to restrict depreciation to 15% instead of 30% allowed by AO. The tribunal held that 30% depreciation rate for tippers used for goods transportation was properly supported by Income Tax Rules 1962 and precedent in Bharat Carriers Ltd. case. The assessment order was found neither erroneous nor prejudicial to revenue interests. en-us Mon, 21 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445954 The ITAT Amritsar allowed the assessee's appeal against PCIT's revision under section 263 regarding depreciation rates on tipper vehicles. The assessee claimed depreciation at two rates - 15% and 30% for different vehicle blocks, which was accepted by AO in earlier years. PCIT sought to restrict depreciation to 15% instead of 30% allowed by AO. The tribunal held that 30% depreciation rate for tippers used for goods transportation was properly supported by Income Tax Rules 1962 and precedent in Bharat Carriers Ltd. case. The assessment order was found neither erroneous nor prejudicial to revenue interests. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445954