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2013 (7) TMI 360 - HC - Income TaxDepreciation on truck - claim of depreciation on chassis and tanker mounting on chaises separately - claim of depreciation @ 100% on such tanker - depreciation at a rate of 40% on leased vehicles instead of normal rate of 30% - ITAT allowed the claim of the assessee following the decision in CIT Vs. Bansal Credits Ltd. [2002 (11) TMI 76 - DELHI High Court] - Held that:- Recently, the Supreme Court in I.C.D.S. Ltd. Vs. Commissioner of Income-tax and Another [2013 (1) TMI 344 - SUPREME COURT] affirmed the said view. The lessor i.e. the assessee is the owner of the vehicles. As the owner, it used the assets in the course of its business, satisfying both requirements of Section 32 of the Act and hence, is entitled to claim depreciation in respect of additions made to the trucks, which were leased out. - Decided in favor of assessee.
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