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2005 (2) TMI 83 - HC - Income TaxBenefit of depreciation under section 32 - leased vehicles - it is clear that the claim of depreciation is not dependent on the actual use or the asset being put to use. It is dependent on the question of being used for the purpose of the business. When the leasing is the business, giving of a vehicle in lease even if it may not be used by the lessee on the date of the agreement but from the date of registration of the vehicle or thereafter even then it would be an use for the purpose of the leasing business of the assessee. It is the use of the vehicle by the lessor for the purpose of his business, which is material - we have found that the vehicle was leased out before September 30, 1986, falling in the relevant assessment year, which was used for the purpose of leasing by the assessee in the course of the business carried on by it. Therefore, depreciation is allowed for the assessment year 1986-87
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