2012 (8) TMI 773

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....g questions of law :- (A) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was right in holding that motor cars are commercial vehicles and the assessee is entitled to depreciation at the rate of 50% as provided in subclause (vi) of clause 3 of Item III of Part A of Appendix I of the Table of rates of depreciation relevant to assessment year 2003-2004 ? (B) Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in granting depreciation @ 50% on motor cars ignoring the provisions of clause (2) of Item-III of Part A of Old Appendix-I of the table of rates of depreciation relevant to the assessment year 2003-04 which specifically provide for depreciation @ 20%....

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....mmercial vehicles and that the respondent was entitled to depreciation at 50% in respect thereof. 5(A) Section 32(1)(i) of the Income Tax Act, 1961, reads as under:- "32. Depreciation.- (1) In respect of depreciation of - (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions shall be allowed -   (i) in the case of assets of an undertaking engaged in generation or generation and distribut....