https://www.taxtmi.com/caselaws?id=447434 ITAT Surat held that mobile or truck-mounted cranes used in a hiring business qualify for higher depreciation at 30% as motor lorries under section 32 read with rule 5 and Appendix I, rather than ordinary machinery at 15%. The tribunal followed jurisdictional High Court guidance that Motor Vehicles Act registration is not a necessary condition for the higher rate and that cranes mounted on trucks should not be denied the applicable schedule entry merely because they are not separately listed. Consistent treatment on identical facts also supported the same depreciation claim in later years, so the Revenue's disallowance was deleted. en-us Thu, 21 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447434 ITAT Surat held that mobile or truck-mounted cranes used in a hiring business qualify for higher depreciation at 30% as motor lorries under section 32 read with rule 5 and Appendix I, rather than ordinary machinery at 15%. The tribunal followed jurisdictional High Court guidance that Motor Vehicles Act registration is not a necessary condition for the higher rate and that cranes mounted on trucks should not be denied the applicable schedule entry merely because they are not separately listed. Consistent treatment on identical facts also supported the same depreciation claim in later years, so the Revenue's disallowance was deleted. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447434