2020 (11) TMI 1015

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....And The Mr. Justice T.R. Ravi, JJ. For the Appellant : Sri. M. Gopikrishnan Nambiar, Sri. P. Benny Thomas, Sri. K. John Mathai, Sri. Joson Manavalan And Sri. Kuryan Thomas. For the Respondent : Adv. Sri. Christopher Abraham Income Tax Department, Adv. Sri. K.M.V. Pandalai Income Tax Department. JUDGMENT T.R. Ravi, J. These two appeals have been filed by the assessee under Income-tax....

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....o claim depreciation only at the rate of 15%. The Assessing Officer in Annexure A order dated 20.2.2009, found that the assessee had claimed depreciation at the rate of 40% as against 30% admissible. The Commissioner of Income Tax, in exercise of powers under Section 263 of the Income Tax Act, revised the assessments as per Annexure B order dated 28.1.2011, on the ground that they are prejudicial ....

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....the table of rates at which depreciation is admissible reads thus: "Motor buses, motor lorries and motor taxis used in a business of running them on hire" 4. The rate of depreciation admissible for the above vehicles is 30%. The counsel for the appellant placed before us Circular No.652 dated 14.6.1993, issued by the Central Board of Direct Taxes to all Chief Commissioners of Income tax and ....

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....39;ble Supreme Court in Commissioner of Income Tax, Gujarat vs. Gupta Global Exim Private Ltd. reported in [(2008) 17 SCC 87], wherein the Hon'ble Supreme Court laid down that the user of the vehicles in the business of the assessee, of transportation, is the test for deciding whether an assessee is entitled to claim higher depreciation at the rate of 30%. Applying the said test to the facts o....