https://www.taxtmi.com/caselaws?id=68216 Depreciation on leased vehicles was treated as allowable where the assessee purchased the vehicles, retained dominion and beneficial control, bore registration and insurance costs, and used the vehicles for its business; motor vehicle registration in the lessee's name was not ative for income-tax ownership. Interest under sections 234B and 234C was considered mandatory, but required fresh computation on the correct assessment basis. Relief granted on profit from sale of vehicles was upheld because no material displaced the appellate factual finding. The governing test for depreciation was ownership-like control coupled with business user, rather than formal transport registration. en-us Thu, 31 Jan 2002 00:00:00 +0530 Thu, 17 Mar 2011 16:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68216 Depreciation on leased vehicles was treated as allowable where the assessee purchased the vehicles, retained dominion and beneficial control, bore registration and insurance costs, and used the vehicles for its business; motor vehicle registration in the lessee's name was not ative for income-tax ownership. Interest under sections 234B and 234C was considered mandatory, but required fresh computation on the correct assessment basis. Relief granted on profit from sale of vehicles was upheld because no material displaced the appellate factual finding. The governing test for depreciation was ownership-like control coupled with business user, rather than formal transport registration. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68216