DEP RATE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2011
MY OFFICE CLIENT HAS PURCHASED JCB MACHINE.WHAT IS THE DEPRECIATION RATE ON JCB.ANY EXEPTION ON SERVICE TAX.ITS URGENT PLS SOLVE MY PROBLEM AS EARLY AS POSSIBLE.
05 February 2011
The Tata, JCB and 400V wheel loaders are covered within the expression "motor lorries" which are used in business of running them on hire and the AO had correctly allowed the claim of depreciation under section 32 by applying the rate of 30% assigned to Entry No. III(3)(ii) of Part A of Appendix I of the Income Tax Rules, 1962 applicable for as "motor buses, motor lorries and motor taxis used in a business of running them on hire.
Bothra Shipping Services v. CIT (2011) 37 (II) ITCL 56 (Kol `C'-Trib).
Bothra Shipping Services v. CIT (2011) 37 (II) ITCL 56 (Kol `C'-Trib).
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Guest
Guest
(Expert)
05 February 2011
Agree with Mr. Warrier . Issue is also supported by 122 taxman 206 (Guj)
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