2003 (9) TMI 813

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.... following question to this Court for opinion. "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that assessee is entitled to depreciation at the higher rate of 40 per cent and not 30 per cent on the trucks used by assessee for its business ?" 2. The facts leading to filing of this application, briefly stated, are that the assessee M/s Bansiwala Iron & Steel Re-rolling Mills, Ajmer (for short, 'the assessee') is a registered firm carrying on its business of manufacturing of bars, and flats from the raw material of semi-finished ingots and iron scrap. The assessee had purchased a truck for its own business purpose and not for plying on hire and the assessee is not carry....

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....at application was rejected. Thus, this application. 4. Mrs. Parinitoo Jain, the learned counsel for the Revenue, contended that the question aforesaid is a question of law which involved in this case and the learned Tribunal has committed a serious error in not referring the same for opinion of this Court. It has next been contended that Manjeet Stone Company's case has no application to the present case on which reliance was placed by the learned Tribunal while deciding the matter in favour of the assessee. Mrs. Jain submitted that reference of Manjeet Stone Company's case is wholly irrelevant. That matter has been considered by this Court in CIT v. Manjeet Stone Co. and the question referred to this Court has been decided a....

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....the AO and the appellate authority, the assessee has income from plying of truck. Referring to the relevant rules the learned Tribunal held that they clearly provided that in case the trucks being used for hire, then the depreciation allowable is at the rate of 40 per cent. Thus, on the question of fact whether the truck, in this case the traitor, has been plied on hire or not on the basis of material produced on record the learned Tribunal recorded a finding of fact that the truck trailer has derived the income and that income, if we go by the facts, as we find, is Rs. 91,078 for five and half months, out of which Rs. 60,000 was earned from hire business and Rs. 30,545 were for the personal goods of the assessee. 8. It is true and as wh....