https://www.taxtmi.com/caselaws?id=459732 Depreciation on earth moving vehicles was held allowable at 30% under the relevant entry in Appendix I to the Income-tax Rules, 1962, because the nature of the vehicles and the applicable depreciation schedule supported the higher rate on undisputed facts. The revisional order under Section 263 of the Income-tax Act, 1961, which sought to reduce depreciation to 15%, was found unwarranted since the assessing officer had correctly applied the rule and no factual controversy justified interference. The higher depreciation claim was upheld and the revisionary restriction was not sustained. en-us Mon, 20 Feb 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459732 Depreciation on earth moving vehicles was held allowable at 30% under the relevant entry in Appendix I to the Income-tax Rules, 1962, because the nature of the vehicles and the applicable depreciation schedule supported the higher rate on undisputed facts. The revisional order under Section 263 of the Income-tax Act, 1961, which sought to reduce depreciation to 15%, was found unwarranted since the assessing officer had correctly applied the rule and no factual controversy justified interference. The higher depreciation claim was upheld and the revisionary restriction was not sustained. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459732