https://www.taxtmi.com/caselaws?id=447434 The ITAT Surat upheld the CIT(A)'s decision allowing the assessee company to claim 30% depreciation on crawler cranes instead of 15%. The company, engaged in material handling and equipment erection on contract basis, successfully argued that cranes should be treated as motor lorries rather than machinery for depreciation purposes. Relying on the Gujarat HC precedent in Gujco Carriers vs. CIT, the tribunal found no infirmity in allowing higher depreciation rates. The Revenue's appeal was dismissed, and the CIT(A)'s order deleting the additions was upheld. 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 The ITAT Surat upheld the CIT(A)'s decision allowing the assessee company to claim 30% depreciation on crawler cranes instead of 15%. The company, engaged in material handling and equipment erection on contract basis, successfully argued that cranes should be treated as motor lorries rather than machinery for depreciation purposes. Relying on the Gujarat HC precedent in Gujco Carriers vs. CIT, the tribunal found no infirmity in allowing higher depreciation rates. The Revenue's appeal was dismissed, and the CIT(A)'s order deleting the additions was upheld. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447434