https://www.taxtmi.com/caselaws?id=186780 The Delhi High Court and Supreme Court upheld the Tribunal's decision, allowing higher depreciation rates on leased vehicles for an assessee engaged in lease financing. The Tribunal's findings were also upheld regarding the validity of depreciation on assets treated as genuine lease transactions, emphasizing ownership and risks borne by the lessee. However, the interest cancellation under Section 234B was deemed mandatory, overturning the Tribunal's decision in favor of the Revenue. The judgment clarified legal aspects of lease transactions, depreciation claims, and interest obligations under the Income Tax Act, 1961. en-us Wed, 13 Nov 2013 00:00:00 +0530 Wed, 05 Oct 2016 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186780 The Delhi High Court and Supreme Court upheld the Tribunal's decision, allowing higher depreciation rates on leased vehicles for an assessee engaged in lease financing. The Tribunal's findings were also upheld regarding the validity of depreciation on assets treated as genuine lease transactions, emphasizing ownership and risks borne by the lessee. However, the interest cancellation under Section 234B was deemed mandatory, overturning the Tribunal's decision in favor of the Revenue. The judgment clarified legal aspects of lease transactions, depreciation claims, and interest obligations under the Income Tax Act, 1961. Case-Laws Income Tax Wed, 13 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186780