https://www.taxtmi.com/caselaws?id=256545 Leased motor vehicles were treated as vehicles used on hire, so the lessor was entitled to the higher depreciation rate under section 32 and no remand to the Assessing Officer was required. In computing book profit under section 115JB, amounts transferred to the special reserve under section 45-IC of the RBI Act and to the debt redemption reserve were added back because the statutory reserve was an appropriation to reserve and the debt redemption reserve was not shown to be an ascertained liability. The appeal succeeded on depreciation and failed on book profit adjustments. en-us Fri, 13 Feb 2015 00:00:00 +0530 Thu, 02 Jan 2020 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256545 Leased motor vehicles were treated as vehicles used on hire, so the lessor was entitled to the higher depreciation rate under section 32 and no remand to the Assessing Officer was required. In computing book profit under section 115JB, amounts transferred to the special reserve under section 45-IC of the RBI Act and to the debt redemption reserve were added back because the statutory reserve was an appropriation to reserve and the debt redemption reserve was not shown to be an ascertained liability. The appeal succeeded on depreciation and failed on book profit adjustments. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256545