https://www.taxtmi.com/caselaws?id=203188 The High Court upheld the Tribunal's decision denying a leasing company's claim for a higher depreciation rate of 50% on leased vehicles, ruling that the company was not engaged in the business of running vehicles on hire as required by the Income-tax Rules. The Court distinguished between "lease" and "hire," affirming that the appellant's leasing business did not qualify for the higher depreciation rate. The appellant's appeals were dismissed, and the Tribunal's decision allowing depreciation at the rate of 33.33% was upheld, resulting in a judgment in favor of the revenue. en-us Fri, 01 Apr 2011 00:00:00 +0530 Fri, 04 Nov 2011 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203188 The High Court upheld the Tribunal's decision denying a leasing company's claim for a higher depreciation rate of 50% on leased vehicles, ruling that the company was not engaged in the business of running vehicles on hire as required by the Income-tax Rules. The Court distinguished between "lease" and "hire," affirming that the appellant's leasing business did not qualify for the higher depreciation rate. The appellant's appeals were dismissed, and the Tribunal's decision allowing depreciation at the rate of 33.33% was upheld, resulting in a judgment in favor of the revenue. Case-Laws Income Tax Fri, 01 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203188