https://www.taxtmi.com/caselaws?id=4744 The court dismissed the tax case appeal, citing the decision in CIT v. Madan and Co. [2002] 254 ITR 445, which clarified that leasing out vehicles for a specified period for consideration qualifies for higher depreciation. The judgment emphasized that when an owner leases out vehicles and receives lease rentals, it constitutes usage of the vehicles in the business, entitling the owner to claim higher depreciation. en-us Sat, 09 Jun 2007 00:00:00 +0530 Tue, 20 Sep 2011 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4744 The court dismissed the tax case appeal, citing the decision in CIT v. Madan and Co. [2002] 254 ITR 445, which clarified that leasing out vehicles for a specified period for consideration qualifies for higher depreciation. The judgment emphasized that when an owner leases out vehicles and receives lease rentals, it constitutes usage of the vehicles in the business, entitling the owner to claim higher depreciation. Case-Laws Income Tax Sat, 09 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4744