https://www.taxtmi.com/caselaws?id=235718 Depreciation under Section 32(1) of the Income-tax Act, 1961 is available to a vehicle lessor where the leasing business treats the lessor as the owner for tax purposes, even if the vehicles stand registered in the lessees' names. The user requirement is satisfied because the assets are employed in the assessee's business of earning lease income. The Court applied the binding Supreme Court principle on ownership and business use in a leasing arrangement and held the hire-purchase aspect to be irrelevant to the controversy. Depreciation was therefore allowable in favour of the assessee. en-us Mon, 01 Jul 2013 00:00:00 +0530 Mon, 03 Feb 2014 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235718 Depreciation under Section 32(1) of the Income-tax Act, 1961 is available to a vehicle lessor where the leasing business treats the lessor as the owner for tax purposes, even if the vehicles stand registered in the lessees' names. The user requirement is satisfied because the assets are employed in the assessee's business of earning lease income. The Court applied the binding Supreme Court principle on ownership and business use in a leasing arrangement and held the hire-purchase aspect to be irrelevant to the controversy. Depreciation was therefore allowable in favour of the assessee. Case-Laws Income Tax Mon, 01 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235718