COMMR.OF INCOME TAX,GUJARAT vs GUPTA GLOBAL EXIM (P) LTD.

The Gujarat High Court addressed whether the respondent-assessee was entitled to a 40% depreciation rate on trailers and loaders under the Income-tax Rules, 1962. The court found that the assessee's transportation income was integral to its business, thus qualifying for the higher depreciation rate as per clause III of the Depreciation Table. The High Court upheld the findings of the CIT(A) and the Tribunal, affirming that the matter involved substantial questions of law regarding the interpretation of the depreciation rules, and refused to interfere with the concurrent findings of fact.