Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (4) TMI 29 - HC - Income TaxInterpretation of an entry in Appendix I--"Depreciation Table", which prescribes the table of rates at which depreciation is admissible - Motor buses, motor lorries and motor taxis used in a business of running them on hire - the assessee is a leasing and financing company. Its income is from lease rent, bill discounting and service charges. Therefore, merely because the assessee lets out motor buses, motor trucks and motor vans to its customers, it cannot be stated that the assessee is using the said vehicles in the business of running them on hire - there is a basic difference between "lease" and "hire" - Tribunal was right in holding that the assessee was not entitled to higher depreciation as the assessee did not run motor trucks, motor buses and motor vans on hire nor did it carry on the business of running them on hire
|