- (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 and in law, the Tribunal was justified in allowing depreciation on trucks @ 40 per cent allowed by the ITO."
(2.) NONE appeared for the assessee. Heard learned counsel for the Revenue. At the outset, learned counsel for the Department submits that this issue is covered by the decision of this Court in the case of CIT vs. Sardar Stones (1995) 125 CTR (Raj) 197 : (1995) 215 ITR 350 (Raj) wherein it was held that the assessee is entitled to depreciation at 40 per cent (sic) and not 30 per cent (sic) as is allowable in case of motor lorries.
(3.) FOLLOWING the 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 stands disposed of accordingly.;