https://www.taxtmi.com/caselaws?id=211395 Higher depreciation under Entry No. III(2)(ii) of Appendix I to the Income-tax Rules applies only to motor buses, motor lorries and motor taxis used in a business of running them on hire. A vehicle-leasing activity does not satisfy that statutory requirement because leasing is distinct from operating vehicles on hire. Following the earlier Division Bench view, the court held that the assessee was not entitled to the higher depreciation rate on leased vehicles and upheld the Revenue's position. en-us Wed, 03 Aug 2011 00:00:00 +0530 Tue, 13 Mar 2012 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211395 Higher depreciation under Entry No. III(2)(ii) of Appendix I to the Income-tax Rules applies only to motor buses, motor lorries and motor taxis used in a business of running them on hire. A vehicle-leasing activity does not satisfy that statutory requirement because leasing is distinct from operating vehicles on hire. Following the earlier Division Bench view, the court held that the assessee was not entitled to the higher depreciation rate on leased vehicles and upheld the Revenue's position. Case-Laws Income Tax Wed, 03 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211395