https://www.taxtmi.com/caselaws?id=240266 The appellate Tribunal allowed depreciation on vehicles used for business purposes as they were given to hirers on the same date of purchase. The Tribunal also ruled that only the income portion of lease receipts should be taxed, not the principal amount for the vehicle price. The unexplained cash credit under Section 68 was found to be properly explained and deleted. The Tribunal upheld the deletion of unaccounted income arising from bogus payments, as repayments were accounted for through cheques. The Court declined to admit the appeal, citing factual findings, and upheld the dismissal. en-us Fri, 12 Jul 2013 00:00:00 +0530 Thu, 28 Nov 2013 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240266 The appellate Tribunal allowed depreciation on vehicles used for business purposes as they were given to hirers on the same date of purchase. The Tribunal also ruled that only the income portion of lease receipts should be taxed, not the principal amount for the vehicle price. The unexplained cash credit under Section 68 was found to be properly explained and deleted. The Tribunal upheld the deletion of unaccounted income arising from bogus payments, as repayments were accounted for through cheques. The Court declined to admit the appeal, citing factual findings, and upheld the dismissal. Case-Laws Income Tax Fri, 12 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240266