Thursday, December 15, 2016

New cars used in hiring business are entitled to higher depreciation irrespective of their use for public transport

The ITAT Ahmedabad Bench held that on new induction of motor car, depreciation at higher rate would be admissible to assessee engaged in business of giving vehicles on hire; such vehicles needed not be used for public transportation for people.
Shree Balaji Products v. Income-tax Officer, Ward-7(1), Ahmedabad. [2016] 75 taxmann.com 231

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