Depreciation cannot be claimed on Hired Vehicle used in Mining Contract: ITAT upholds Revision Order

Depreciation - Hired Vehicle used in Mining Contract - Hired Vehicle - Mining Contract - Revision Order - ITAT upholds Revision Order - taxscan

The Income Tax Appellate Tribunal (ITAT), Raipur bench, held that depreciation cannot be claimed on hired vehicles used in a Mining Contract. Therefore, the bench upheld the revision order. The assessee, Technoblast Mining Corporation, is a firm engaged in the business of mining contracts and electronically filed its income tax return. Thereafter, the case was…

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