1992 (10) TMI 66

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....e assessment years 1981-82, 1982-83 and 1983-84, the following question has been referred under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the lorries owned by the assessee would not fall under item III-E(1A) of Part I of Appendix I, to be entitled to depreciation at 40 per cent. ?" The find....

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....case of motor buses, motor lorries and motor taxis used in a business of running them on hire. The assessee should be engaged in the business of running the vehicles on hire. The concept of business involves some kind of regularity in the activity involved in the business. Stray incidents of hiring out idle lorries cannot be brought within this provision because the assessee herein was engaged in ....