https://www.taxtmi.com/caselaws?id=220238 For depreciation under section 32 of the Income-tax Act, legal ownership was held to remain with the leasing assessee where the lease terms reserved title, inspection rights, repossession on default, and return on expiry; registration of the trucks in the lessees' names under the Motor Vehicles Act was not conclusive for income-tax purposes. The trucks were also treated as used for the assessee's business because leasing them out was the business activity and the rental income was business income, so physical use by the lessee did not defeat section 32. On the same reasoning, the assessee qualified for the higher depreciation rate applicable to trucks used in the business of running them on hire. en-us Mon, 14 Jan 2013 00:00:00 +0530 Fri, 14 Feb 2025 16:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220238 For depreciation under section 32 of the Income-tax Act, legal ownership was held to remain with the leasing assessee where the lease terms reserved title, inspection rights, repossession on default, and return on expiry; registration of the trucks in the lessees' names under the Motor Vehicles Act was not conclusive for income-tax purposes. The trucks were also treated as used for the assessee's business because leasing them out was the business activity and the rental income was business income, so physical use by the lessee did not defeat section 32. On the same reasoning, the assessee qualified for the higher depreciation rate applicable to trucks used in the business of running them on hire. Case-Laws Income Tax Mon, 14 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220238