Law:

Section:

Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/rate of - Whether in view of CIT v. Madan & Co. [2002] 254 ITR 445/[2003] 128 Taxman 116 (Mad.) assessee was entitled to higher rate of depreciation on leased out trucks - Held, yes FACTS The assessee while filing its return of income, claimed higher rate of depreciation on leased out trucks. The Assessing Officer while completing assessment under section 143(3) disallowed the claim of assessee. On appeal, Commissioner (Appeals) allowed the claim of assessee. Appeal of revenue against order of the Commissioner (Appeals) was dismissed by the Tribunal. On appeal: HELD In view of the decision in CIT v. Madan & Co. [2002] 254 ITR 445/[2003] 128 Taxman 116 (Mad.) the assessee was entitled to higher rate of depreciation on leased out trucks. [Para 5] CASE REFERRED TO CIT v. Madan & Co. [2002] 254 ITR 445/[2003] 128 Taxman 116 (Mad.) [Para 5]. K. Subramaniam for the Appellant. P.P.S. Janarthana Raja for the Respondent. JUDGMENT N. Kannadasan, J. - The above appeal was admitted, whereby the following substantial questions of law were formulated. "(1) Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to higher rate of depreciation on leased out trucks? (2) Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that the rate of depreciation applicable to motor vehicles which are given on hire would also be applicable to vehicles which are leased out?" 2. The respondent herein, while filing its return of income for the assessment year 1991-92, has claimed higher rate of depreciation on leased out trucks, which is not disputed. The Assessing Officer, while completing the assessment under section 143(3) of the Income-tax Act, 1961, has disallowed the said claim. As against the said order, the respondent/assessee has filed an appeal before the Commissioner of Income-tax (Appeals), who has allowed the claim of the respondent/assessee. As against the said order, the Revenue has preferred an appeal before the Income-tax Appellate Tribunal, and the Tribunal has dismissed the Revenue's appeal…

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