https://www.taxtmi.com/caselaws?id=213214 The High Court affirmed the decision of the Income Tax Appellate Tribunal, rejecting the non-banking finance company's claim for depreciation on hire purchase assets. The court held that since the purchaser had ownership and possession of the assets, they were entitled to claim depreciation, not the finance company. The court relied on the principle that the person in actual use of the vehicle is entitled to claim depreciation, in line with relevant circulars. The Tax Case (Appeal) was dismissed without costs. en-us Thu, 26 Apr 2012 00:00:00 +0530 Mon, 14 May 2012 07:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213214 The High Court affirmed the decision of the Income Tax Appellate Tribunal, rejecting the non-banking finance company's claim for depreciation on hire purchase assets. The court held that since the purchaser had ownership and possession of the assets, they were entitled to claim depreciation, not the finance company. The court relied on the principle that the person in actual use of the vehicle is entitled to claim depreciation, in line with relevant circulars. The Tax Case (Appeal) was dismissed without costs. Case-Laws Income Tax Thu, 26 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213214