2018 (10) TMI 296

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.... ORDER The present appeal under Section 260-A of the Income Tax Act, 1961 is directed against the judgment and order dated 14.09.2017 passed by the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur (hereinafter referred as the 'Tribunal') by which, the assessee's appeal was allowed. Briefly stated the facts within the precincts of the questions canvassed before this court are that the a....

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.... however, additionally observed that the higher rate of depreciation was applicable only for motor buses, motor lorries and motor taxies used in the business of renting them on hire. Against the aforesaid order dated 13.12.2016 passed by the Appellate Authority, the assessee preferred second appeal before the Tribunal, which has been allowed, vide the order impugned. The learned Members of t....

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....es below have found, as a matter of fact, that the subject motor vehicles were used by the assessee for his own mining purposes as well as getting rent by giving them on hire. Contention of Mr. Bissa, that with a view to claim higher rate of depreciation, the vehicles should be exclusively used on hire and reward, cannot be accepted. The language used in Item No. (iii) of Appendix-1 to the Rule....

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....nd is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause (ii) of sub-section (1) of Section 32 [See Note 6 below this Table]" It is not in dispute that the assessee has earned rental income from these vehicles. The requirement of the provision stands satisfied, in wake of such finding recorded by ....