https://www.taxtmi.com/caselaws?id=215257 Depreciation on leased vehicles could not be disallowed merely because ownership was questioned where the assessee produced purchase bills and lease agreements and had treated the lease rentals as income. In a lease or hire-purchase arrangement, possession under the agreement may support recognised ownership for motor vehicle purposes, and lessee statements or unanswered summons did not, without more, rebut the documentary proof of title. Acceptance of the lease income was inconsistent with denying depreciation on the same assets absent a legally sustainable basis. The disallowance was therefore held unsustainable and the depreciation claim on the leased vehicles was upheld. en-us Mon, 27 Feb 2012 00:00:00 +0530 Thu, 24 Oct 2013 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215257 Depreciation on leased vehicles could not be disallowed merely because ownership was questioned where the assessee produced purchase bills and lease agreements and had treated the lease rentals as income. In a lease or hire-purchase arrangement, possession under the agreement may support recognised ownership for motor vehicle purposes, and lessee statements or unanswered summons did not, without more, rebut the documentary proof of title. Acceptance of the lease income was inconsistent with denying depreciation on the same assets absent a legally sustainable basis. The disallowance was therefore held unsustainable and the depreciation claim on the leased vehicles was upheld. Case-Laws Income Tax Mon, 27 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215257