Principal Commissioner Of Income Tax-1 v. Akash Oil Field Service (P) Ltd

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL No. 352 of 2018 =============================================================PRINCIPAL COMMISSIONER OF INCOME TAX-1VersusAKASH OIL FIELD SERVICE (P) LTD ============================================================= Appearance :Mrs MAUNA M BHATT, Advocate for the PETITIONER(s) No. 1 ============================================================= CORAM:HONOURABLE Mr. JUSTICE AKIL KURESHIandHONOURABLE Mr. JUSTICE B.N. KARIA16[th] April 2018andHONOURABLE Mr. JUSTICE B.N. KARIA16[th] April 2018 ORAL ORDER (PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad Bench dated 23[rd] August 2017 raising following question for our consideration :- “Whether the Appellate Tribunal has erred in law and on facts in deleting the disallowance of excess depreciation claimed on truck and truck mounted equipments of Rs. 64,06,050/= despite the fact that no income was shown on account of hiring in profit and loss account ?” Fact on record would suggest that the assessee had claimed higher depreciation @ 30% on trucks and truck mounted equipments on the ground that the same were given on hire. The Assessing Officer, however, disallowed such higher depreciation holding that the assessee had used the equipments for its own purpose. CIT [A] and the Tribunal, however, reversed the order of Assessing Officer. On the basis of documents produced by the assessee, it was held that the assessee was engaged in the business of providing oil field related equipments and that the assessee had given vehicles on hire to the various parties, such as ONGC, GSPCL for which work orders were also issued. No question of law arises. Tax Appeal is dismissed. Prakash [Akil Kureshi, J.][B.N Karia, J.]