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2004 (7) TMI 17 - HC - Income TaxDepreciation on leased vehicle - "(1) Whether, Tribunal was right in law in holding that the assessee is entitled to higher rate of depreciation on leased out trucks? (2) Whether, Tribunal was right in law in holding that the rate of depreciation applicable to motor vehicles which are given on hire would also be applicable to vehicles which are leased out?" - word 'hire' used in this entry is only meant to denote that the use of the vehicle is not by the owner himself for his own purposes, but it is given to another for use for a limited period of that other for a consideration. For the purpose of this entry there is no qualitative difference between lease of the vehicle for a specified period for consideration and letting the vehicle on hire for short duration on payment of hire charges – therefore, /assessee is entitled to the higher rate of depreciation. Therefore, the questions of law referred to above, are answered in favour of the assessee, and against the Revenue
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