https://www.taxtmi.com/caselaws?id=9782 The court ruled in favor of the assessee in a dispute over the depreciation rate for vehicles leased out by a non-banking finance company. The Tribunal allowed 40% depreciation, contrary to the Revenue's argument that the assessee was not entitled to the higher rate as the vehicles were not used for hire. The court emphasized that the assessee met the legal requirements by leasing vehicles to third parties and clarified the distinction between hire and lease of vehicles, ultimately dismissing the Revenue's contentions and upholding the higher depreciation rate. en-us Wed, 05 Jul 2006 00:00:00 +0530 Wed, 30 Sep 2015 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9782 The court ruled in favor of the assessee in a dispute over the depreciation rate for vehicles leased out by a non-banking finance company. The Tribunal allowed 40% depreciation, contrary to the Revenue's argument that the assessee was not entitled to the higher rate as the vehicles were not used for hire. The court emphasized that the assessee met the legal requirements by leasing vehicles to third parties and clarified the distinction between hire and lease of vehicles, ultimately dismissing the Revenue's contentions and upholding the higher depreciation rate. Case-Laws Income Tax Wed, 05 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9782