Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (6) TMI 95 - HC - Income TaxReassessment proceedings - entitlement to depreciation claim u/s 32 on leased assets - Held that:- The assessee is a leasing company which leases out trucks that it purchases. Therefore, on a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income, or income derived in the course of business, and has been so assessed. Hence, it fulfills the aforesaid second requirement of Section 32 viz. that the asset must be used in the course of business. In view of judgment of I.C.D.S Ltd. vs. Commissioner of Income Tax [2013 (1) TMI 344 - SUPREME COURT] assessee satisfied the condition that it must use the asset for the purposes of business. It does not mandate usage of the asset by the assessee itself. As long as the asset is utilized for the purpose of business of the assessee, the requirement of Section 32 would stand satisfied. In favour of assessee.
|