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Judgment
Heard. Admitted. The following questions shall be adjudicated:
A. Whether a tanker mounted on the chasis of the truck can be separated for the purposes of depreciation qua the truck and can it be equated with LPG cylinders for having a claim of depreciation at the rate of 100 per cent on such tanker ?
B. Whether in law there can be a segregation of the parts of the truck for the purpose of claiming depreciation at the different rates on different parts ?
C Whether the Tribunal was correct in holding that the assessed was eligible for depreciation at a rate of 40 per cent on leased vehicles instead of normal rate of 30 per cent even though the assessed was not carrying on the business of running them on hire ?
D. Whether the order passed by the Tribunal is perverse in not appreciating
(i) the real nature and character of the business of the assessee;
(ii) that the assessed was carrying on the business of the leasing of vehicles and not engaged in running them on hire;
(iii) that there is a distinction between ''lease rentals'' and ''hire charges'' ?
The appellant shall file within three months ten copies of the cyclostyled paper books, containing all documents on which reliance was placed before the Tribunal, including any order/orders, either in the case of the assessed itself or in case of any other assessee, which has been followed by the Tribunal.
The appeal be listed for hearing in the regular course.