2018 (3) TMI 1526

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....ddition made on account of depreciation claimed by the assessee. The appeal pertains to assessment year 1998-1999. 2. Mr. Sharma, the learned counsel for the appellant submits that, the appeal has been filed on following substantial questions of law. A. Whether on the facts and circumstances of the case and in law the ITAT is justified in deleting the addition made by the A. O. on account of dis....

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....ief that it is honourable to avoid the payment of tax by resorting to dubious methods since every citizen of the country is under obligation to pay taxes honestly without resorting to deceptions ? 3. According to the learned advocate, the transaction entered into by the assessee i. e. hire of truck at the rate of Rs. 2,000/per month was at lower side. The assessee claimed depreciation at the rate....

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....s taking disadvantage of provisions of Sec. 44AE of the I. T. Act by showing receipt of Rs. 2000/per truck and claimed full depreciation of these trucks. The assessee is giving colourable shape to the transaction. 5. The Commissioner Appeals and the Tribunal have concurrently held that, hire charges were low was not relevant since assessee had received substantial interest free huge deposits for ....