https://www.taxtmi.com/caselaws?id=755359 ITAT Cuttack allowed assessee's claim for higher depreciation rate at 30% on assets used for hiring business, rejecting CIT's revision under section 263. CIT argued that since not all assets in the block were used for hiring, allowing 30% depreciation on entire block was erroneous. ITAT held that assets used for hiring business are eligible for higher depreciation regardless of quantum of income generated, citing SC precedent. Order directed AO to allow higher depreciation only on assets actually used in hiring business, modifying CIT's order accordingly. en-us Mon, 08 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755359 ITAT Cuttack allowed assessee's claim for higher depreciation rate at 30% on assets used for hiring business, rejecting CIT's revision under section 263. CIT argued that since not all assets in the block were used for hiring, allowing 30% depreciation on entire block was erroneous. ITAT held that assets used for hiring business are eligible for higher depreciation regardless of quantum of income generated, citing SC precedent. Order directed AO to allow higher depreciation only on assets actually used in hiring business, modifying CIT's order accordingly. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755359