Cranes Leased Out Qualify for 30% Depreciation Rate; Considered Used in Hiring Business Despite Revenue's Disallowance.

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....Depreciation on the Cranes given on lease to Oil India Limited @ 30% disallowed - according to the Revenue, such assets were not used for hire and, therefore, are not entitled to claim higher rate of depreciation - The moment assessee has let out the Cranes, then it is to be construed that these assets were being used in the hiring business of the assessee. - AT....