https://www.taxtmi.com/caselaws?id=64784 The Tribunal allowed the appeal of a leasing company, permitting the depreciation claim on 54 commercial vehicles. It held that the vehicles were owned and used for the leasing business, meeting the conditions under section 32(1) of the IT Act. The temporary registration and insurance were deemed sufficient evidence of ownership, dismissing objections raised by authorities regarding the lack of a public transport permit. The Tribunal found the lease agreement genuine and upheld the assessee's right to claim depreciation on the vehicles. en-us Fri, 06 Nov 1992 00:00:00 +0530 Wed, 09 Feb 2011 18:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64784 The Tribunal allowed the appeal of a leasing company, permitting the depreciation claim on 54 commercial vehicles. It held that the vehicles were owned and used for the leasing business, meeting the conditions under section 32(1) of the IT Act. The temporary registration and insurance were deemed sufficient evidence of ownership, dismissing objections raised by authorities regarding the lack of a public transport permit. The Tribunal found the lease agreement genuine and upheld the assessee's right to claim depreciation on the vehicles. Case-Laws Income Tax Fri, 06 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64784