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2014 (3) TMI 185 - HC - Income TaxDeletion of disallowance u/s 32 of the Act - Claim of higher depreciation on leased back assets – Held that:- The decision in I.C.D.S. Ltd. vs. Commissioner of Income-Tax and another [2013 (1) TMI 344 - SUPREME COURT] followed - for claiming higher rate of depreciation, there is no requirement under the Act of usage of the assets by the assessee himself - The vehicles were purchased by the assessee from manufacturer and leased out to customers - Such vehicles were used in the course of leasing business – thus, the assessee would be entitled for the depreciation - There is nothing on record even otherwise to suggest that the transaction itself was sham or bogus – Decided against Revenue.
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