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2003 (9) TMI 25 - GUJARAT HIGH COURTDepreciation - business of financing, investment, leasing, etc. - use of assets - once a leasing or finance company, which owns machinery and leases it to third party is found to have satisfied the other requirements of the provision, it would be entitled to the deduction of depreciation in respect of such machinery or plant. It is further held that where the business of the assessee consists of hiring out machinery and/or where the income derived by the assessee from the hiring of such machinery is business income, the assessee must be considered as having used the machinery for the purpose of its business - Tribunal is right in holding that the assessee is entitled to depreciation u/s 32
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