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2011 (8) TMI 814 - HC - Income TaxDepreciation at higher rate - In so far as question A is concerned, the issue is covered against the assessee and in favour of the Revenue by virtue of the judgment of this court in Bhagwati Appliance v. ITO (2011 -TMI - 203188 - GUJARAT HIGH COURT) Regarding depreciation claim of the assessee on the vehicle registered in the name of persons other than the assessee - Held that: the vehicle though registered in the name of the director was used for the purpose of business of the company, income derived is from leasing the vehicle was shown as income of the company and the entire fund for purchase of the vehicle had also gone from the coffers of the company - Decided in favor of the assessee
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