Section 32, read with section 143, of the Income-tax Act, 1961 - Depreciation

IT : Where assessee was commercially using vehicles for transporting goods on hire, assessee was entitled for depreciation at rate of 30 per cent according to CBDT Circular No. 609 dated 29-7-1991
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[2015] 53 taxmann.com 110 (Bangalore - Trib.)
IN THE ITAT BANGALORE BENCH 'A'
C.V. Bhanumurthy Reddy
v.
Deputy Commissioner of Income-tax, Circle-10 (1), Bangalore*
RAJPAL YADAV, JUDICIAL MEMBER
AND JASON P. BOAZ, ACCOUNTANT MEMBER
IT APPEAL NO. 261 BANG. OF 2014
S.P. NO. 101 (BANG.) OF 2014
[ASSESSMENT YEAR 2009-10]
NOVEMBER  21, 2014
Section 32, read with section 143, of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Rate of depreciation) - Assessment year 2009-10 - Assessee was engaged in business of transportation of municipal waste and claimed depreciation at rate of 30 per cent - Assessing Officer allowed depreciation at 15 per cent - Whether, where there was a commercial exploitation of vehicles for transporting goods on hire and thus nature of assessee's business was under ambit of Circular No. 609 dated 29-7-1991, assessee was entitled for depreciation at rate of 30 per cent - Held, yes [Para 7] [In favour of assessee]
Circulars And Notifications : CBDT Circular No. 609 dated 29-7-1991 and Circular No. 652 dated 14-6-1993