2000 (3) TMI 41

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....-tax Act, 1961, the Tribunal has referred the following questions for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law by upholding the order of the Commissioner of Income-tax (Appeals) holding that the appellant is entitled for depreciation at 30 per cent. and not at 40 per cent. as claimed by the assessee ? 2. Whether, on the f....

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....d learned counsel for the Revenue. The assessee-company is engaged in the business of leasing plant, machinery and vehicles which were purchased by it and given on lease on rent to various industries concerned. During the relevant previous year, the assessee-company leased out vehicles worth Rs. 49,30,572. On the said vehicles, the assessee claimed depreciation at the rate of 40 per cent. as pr....

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.... well as by the Tribunal. None appeared on the date of hearing though the matter was listed 2/3 times at that time also none appeared for the assessee. The admitted facts are that the assessee has not given the vehicles in question on hire. The vehicles are rented out or leased out for some period on rent. In Appendix I to the Rules, item D(9) of Part I motor buses and motor lorries other th....