https://www.taxtmi.com/caselaws?id=63263 The Tribunal upheld the orders of the AO and CIT(A), denying the claim of depreciation on imported cars. It was found that the assessee did not meet the conditions under Section 32 of the Income Tax Act, as the cars were not used for the business of running on hire for tourists. The rental agreements did not specify tourist use, and control of the cars remained with the lessee companies. Consequently, the appeals were dismissed. en-us Wed, 08 Jan 2003 00:00:00 +0530 Fri, 28 Jan 2011 17:45:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63263 The Tribunal upheld the orders of the AO and CIT(A), denying the claim of depreciation on imported cars. It was found that the assessee did not meet the conditions under Section 32 of the Income Tax Act, as the cars were not used for the business of running on hire for tourists. The rental agreements did not specify tourist use, and control of the cars remained with the lessee companies. Consequently, the appeals were dismissed. Case-Laws Income Tax Wed, 08 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63263