https://www.taxtmi.com/caselaws?id=55218 The appellate tribunal ruled in favor of the revenue, holding that the trucks owned by the assessee were not used in the business of running them on hire, thus upholding the 30% depreciation rate instead of the claimed 40%. The tribunal emphasized that the nature of the business in which the vehicles were used determined the applicable depreciation rate, highlighting the distinction between vehicles used for hire and those used for business purposes. The appeals for the higher depreciation rate were deemed unsustainable, resulting in a decision in favor of the revenue. en-us Fri, 22 Feb 1991 00:00:00 +0530 Wed, 24 Nov 2010 16:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55218 The appellate tribunal ruled in favor of the revenue, holding that the trucks owned by the assessee were not used in the business of running them on hire, thus upholding the 30% depreciation rate instead of the claimed 40%. The tribunal emphasized that the nature of the business in which the vehicles were used determined the applicable depreciation rate, highlighting the distinction between vehicles used for hire and those used for business purposes. The appeals for the higher depreciation rate were deemed unsustainable, resulting in a decision in favor of the revenue. Case-Laws Income Tax Fri, 22 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55218