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

C.A. No.-003342-003342 - 2008Supreme Court06 May 20088 pages

For Petitioner: B. V. BALARAM DASFor Respondent: AMBHOJ KUMAR SINHA

AI SummaryRemanded

What did the Supreme Court hold?

The Supreme Court held that the mere inclusion of income from hiring out vehicles in the total business income is not determinative of whether the vehicles were used in a business of running them on hire. The primary business of the assessee was timber trading.

What were the facts?

The assessee, engaged in timber trading, claimed 40% depreciation on trailers and loaders used for hiring out. The Assessing Officer denied this, stating the assessee was not primarily in the transportation business.

What were the issues?

Whether the assessee was entitled to higher depreciation on trailers and loaders used for hiring out, considering its primary business was timber trading. The key issue was the interpretation of 'business of running them on hire'.

Which sections of the Income-tax Act were involved?

Income-tax Rules, 1962, Appendix-I, Item III, sub-item 2(ii)

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Cause title — parties, addresses and appearances

http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 8 IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 3342 OF 2008 (Arising out of SLP(C) No.12846 of 2007) Commr. of Income Tax, Gujarat ... Appellant(s) Versus Gupta Global Exim (P) Ltd. ... Respondent(s)

ORDER Leave granted. This Civil Appeal is filed by the Department against the judgment of the Gujarat High Court in Tax Appeal No.203 of 2006. The short question which arose for determination before the High Court was : Whether the respondent-assessee was http://JUDIS.NIC.IN SUPREME COURT OF INDIA 2 entitled to depreciation at the rate of 40% on trailers and loaders? Briefly, the facts are as follows: The assessee is a private limited company engaged in the business of importing timber logs from abroad and selling them in India. During the previous year relevant to the Assessment Year 1998-99, the respondent-assessee had purchased trailers and loaders and put them to use on hire. Th

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