1998 (2) TMI 30

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....venue is, "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the motor vans and three wheelers owned by the assessee would fall under item No. III-D(9) of Appendix-I, Part I of the Income-tax Rules, 1962, and, consequently, they would be entitled to depreciation at the enhanced rate of 30 percent.?" The assessee, Stanes Tyre and Rubber ....

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....t the table and rates at which depreciation is admissible. However, the fact that these vans and three wheelers are motor vehicles is undisputed. The assets mentioned in Appendix I specify several classes of motor vehicles. The intention of Parliament was to permit depreciation on motor vehicles as is evident from the entries set out in the Appendix. The two entries therein relating to motor vehic....

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....deals with motor vehicles which are not normally used for personal use, but are used primarily either for hire or reward, or for carrying goods, or performing other operations such as agricultural operations. Motor buses mentioned therein are passenger vehicles which are meant to carry a large number of persons. Such buses are normally used for hire or reward though some employers provide the faci....