2023 (2) TMI 1372

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....nue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 16.7.2010 passed by the Income Tax Appellate Tribunal 'C' Bench, Kolkata in ITA No. 583/Kol/2010 for the assessment year 2005-06. Heard learned Counsel for the appellant Mr. Prithu Dudhoria, who had appeared in this appeal when the appeal was admitted on 11.3.2011. Though it is submitted by the learne....

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....f the Act. The assessee's contention was that the earth moving vehicles fall under Entry 111(3)(ii) of part A of Appendix I of the Income Tax Rules 1962 and as such entitled to depreciation at 30% as allowable in case of motor lorries, since they were used in absence of running them on hire which was considered in the proper perspective by the assessing officer and the action of the CIT in restric....