N.KANNADASAN, J. - (1.) 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 h is filed an appeal before the CIT(A), 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 by order dated 28 -1 -2003. The revenue has filed the present appeal as against the order of the Tribunal dated 28 -1 -2003. This court, while admitting the above appeal, has framed substantial questions of law, as stated supra.
(3.) WE have heard Mr. K. Subramaniam, learned counsel for the appellant and Mr. P. P. S. Janarthana Raja, learned counsel for the respondent.;