TaxTMI 
TaxTMI 
1998 (6) TMI 87
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....er claimed a depreciation at the rate of 40 per cent. on the trucks owned by him. The petitioner's case was that since the trucks had been used by the petitioner in transportation business, he was entitled to 40 per cent. depreciation on the trucks as per the circular of the Central Board of Direct Taxes as well as the Income-tax Rules. But the said case of the petitioner was turned down by the Assessing Officer in the assessment order and instead, depreciation at 30 per cent. was allowed on the trucks of the petitioner. Against the said assessment order, the petitioner preferred an appeal before the Commissioner of Income-tax (Appeals), Gauhati, who, in his order dated January 10, 1990, allowed 40 per cent. depreciation. Against the said o....
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....ted the said application of the petitioner after noting its findings in its appellate order that the assessee could not establish that the trucks were hired out to other parties or they were used in his business of transportation of goods on hire. Mr. R. K. Joshi, learned counsel appearing for the petitioner-assessee, submitted that the ground given by the Tribunal for rejecting the prayer of the petitioner is factually not correct as the petitioner-assessee had in fact established before the authorities that the trucks of the petitioner were in fact used for transportation business. In support of his submission, Mr. Joshi relied on the relevant paragraphs of the order dated January 10, 1990, of the Commissioner of Income-tax (Appeals) as ....