https://www.taxtmi.com/caselaws?id=118099 The Tribunal upheld the higher depreciation rate of 40% on leased vehicles, confirming that leasing vehicles qualifies for the higher rate. Lease equalization charges were deemed mandatory and not to be added back to book profits under section 115JA. The Tribunal allowed the bad debt write-off under section 36(1)(vii) as the business of an NBFC inherently involves money lending. The matter of notional expense disallowance under section 14A was remanded to the AO for proper determination due to the lack of a proper basis in the initial estimate. en-us Fri, 08 Sep 2006 00:00:00 +0530 Thu, 28 Jun 2012 13:57:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118099 The Tribunal upheld the higher depreciation rate of 40% on leased vehicles, confirming that leasing vehicles qualifies for the higher rate. Lease equalization charges were deemed mandatory and not to be added back to book profits under section 115JA. The Tribunal allowed the bad debt write-off under section 36(1)(vii) as the business of an NBFC inherently involves money lending. The matter of notional expense disallowance under section 14A was remanded to the AO for proper determination due to the lack of a proper basis in the initial estimate. Case-Laws Income Tax Fri, 08 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118099