https://www.taxtmi.com/caselaws?id=210960 Higher depreciation under the motor vehicle entry applies only where motor buses, motor lorries or motor taxis are used in the business of running them on hire; leasing vehicles does not satisfy that requirement, so the claim fails on that point. Depreciation may nevertheless be claimed where a vehicle is purchased from company funds, used for the company's business, and the leasing income is assessed in the company's hands, even if registration stands in a director's name, because factual ownership and business user prevail over the registration record. en-us Wed, 03 Aug 2011 00:00:00 +0530 Sat, 24 Mar 2012 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210960 Higher depreciation under the motor vehicle entry applies only where motor buses, motor lorries or motor taxis are used in the business of running them on hire; leasing vehicles does not satisfy that requirement, so the claim fails on that point. Depreciation may nevertheless be claimed where a vehicle is purchased from company funds, used for the company's business, and the leasing income is assessed in the company's hands, even if registration stands in a director's name, because factual ownership and business user prevail over the registration record. Case-Laws Income Tax Wed, 03 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210960