The assessee had claimed 30 per cent depreciation in terms of New Appendix I, as per item No.III (3) (ii) Motor buses, motor lorries and motor taxis used in a business of running them on hire. AO disallowed the higher depreciation. CIT (A) allowed the claim. Order of the CIT(A) is affirmed by the Tribunal. On appeal by the revenue, High Court affirmed the order of the Tribunal. (AY. 2012-13, 2013-14)
PCIT v. Taj Travels (P.) Ltd. (2019) 267 taxman 124 (P & H) (HC)
S. 32 : Depreciation-Higher rate of depreciation-Motor vehicles-Buses were being run on hire-Entitle for higher rate of depreciation.