https://www.taxtmi.com/caselaws?id=251707 The High Court upheld the lower authorities' decision to reject the appellant's depreciation claim for 22 months for a new hire purchase and leasing business, ruling in favor of the Department. The Court found that the new business was not considered part of the original trading business of diesel engines, as they maintained separate financial accounts and lacked a common fund. The appeal was dismissed, emphasizing the factual nature of the issue and the lack of grounds for intervention. en-us Tue, 23 Sep 2014 00:00:00 +0530 Thu, 25 Sep 2014 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251707 The High Court upheld the lower authorities' decision to reject the appellant's depreciation claim for 22 months for a new hire purchase and leasing business, ruling in favor of the Department. The Court found that the new business was not considered part of the original trading business of diesel engines, as they maintained separate financial accounts and lacked a common fund. The appeal was dismissed, emphasizing the factual nature of the issue and the lack of grounds for intervention. Case-Laws Income Tax Tue, 23 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251707