- (1.) ON an application under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following question for our opinion : "Whether, on the facts AND in the circumstances of the case, the Tribunal was justified in holding that the assessee is entitled to depreciation at the higher rate of 40 per cent and not 30 per cent on the trucks used by it for its business?"
(2.) THE assessee-firm derives its income from purchase and sales of stone. It has also got mines and trucks for transportation. It claimed 40 per cent depreciation on the trucks before the AO. The AO has allowed only 30 per cent depreciation. None appeared for the assessee. Learned counsel for the Revenue brought to our notice that similar issue has been considered by this Court in the case of CIT vs. Sardar Stones (1995) 125 CTR (Raj) 197 : (1995) 215 ITR 350 (Raj), wherein the view has been taken that trucks are entitled for depreciation at the rate of 30 per cent.
(3.) FOLLOWING our view taken by this Court in the case of CIT vs. Sardar Stones (supra), we answer the question in negative i.e., in favour of the Revenue and against the assessee. The reference, so made, is disposed of accordingly.;