COMMISSIONER OF INCOMETAX Vs. ANANTHA GAS SUPPLIERS

JUDGEMENT

(1.) WE have heard Sri V.R. Badri, the learned counsel representing Sri S.R. Ashok, learned counsel for the Revenue and Sri CP. Ramaswamy, the learned for the assesses.

(2.) IN fact R.C. No. 238 ofl996 came up for consideration before two of us (Justice B Prakash Rao and Justice R Kantha Rao) in the Division Bench. The reference involved the following questions. 1. Whether on the facts and in the circumstances of the case, the ITAT was correct in law in treating the transport vehicle as consisting of

(3.) ALTHOUGH the Income Tax Appellate Tribunal, Hyderabad Bench "A" formulated the aforementioned three questions for reference to this Court for the opinion, the crux of the issue for consideration before us is in the matter of claiming depreciation under Sec. 32 of the Income Tax Act, 1961 in respect of a gas cylinder mounted on a chassis of a truck whether the assesses can claim depreciation at 100% treating it as gas cylinder including valves and regulators or whether the depreciation can be claimed at 40% treating the entire item as a heavy transport vehicle?