https://www.taxtmi.com/caselaws?id=221284 The court ruled in favor of the assessee regarding the entitlement to claim depreciation on commercial vehicles leased out, determining that once leased out, the vehicles were deemed utilized for business purposes. However, the court sided with the revenue on the issue of the changed accounting method, requiring inclusion of unsold tickets in closing stock. Regarding eligibility for deductions under Section 32AB, the court favored the assessee for interest and investment income, stating they were linked to the business. Directions were given for the assessing officer to re-compute income based on the court's decisions. en-us Thu, 14 Feb 2013 00:00:00 +0530 Fri, 01 Sep 2023 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221284 The court ruled in favor of the assessee regarding the entitlement to claim depreciation on commercial vehicles leased out, determining that once leased out, the vehicles were deemed utilized for business purposes. However, the court sided with the revenue on the issue of the changed accounting method, requiring inclusion of unsold tickets in closing stock. Regarding eligibility for deductions under Section 32AB, the court favored the assessee for interest and investment income, stating they were linked to the business. Directions were given for the assessing officer to re-compute income based on the court's decisions. Case-Laws Income Tax Thu, 14 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221284