30 April 2012
I don,t agree with above expert ok it should be depreciated at a rate of 15% coz Assessee purchase Truck for its own business ok not for running them on hire,, so Depreciation rate here should be 15 %
08 May 2012
I differ with both the expert as 40% depreciation is available if the trucks are not used for own business. If it is used for transportation of goods of others as a Public carrier then it is treated as heavy vehicle and accordingly 40% depreciation is allowed as per Income Tax Act
CAclubindia
