https://www.taxtmi.com/caselaws?id=9908 The High Court upheld the Tribunal's decision in favor of the respondent-assessee, allowing depreciation claims on imported and Indian-made cars used for hire. The Court emphasized that running cars on hire, even incidentally, qualified for depreciation benefits, regardless of the primary business activity. The Tribunal's decision was supported by the company's articles of association, approval from the Reserve Bank of India, and legal provisions. The Court dismissed the Revenue's arguments, citing precedents and confirming that fulfilling conditions for claiming depreciation on hire vehicles was paramount. en-us Tue, 02 Aug 2005 00:00:00 +0530 Thu, 02 Jul 2009 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9908 The High Court upheld the Tribunal's decision in favor of the respondent-assessee, allowing depreciation claims on imported and Indian-made cars used for hire. The Court emphasized that running cars on hire, even incidentally, qualified for depreciation benefits, regardless of the primary business activity. The Tribunal's decision was supported by the company's articles of association, approval from the Reserve Bank of India, and legal provisions. The Court dismissed the Revenue's arguments, citing precedents and confirming that fulfilling conditions for claiming depreciation on hire vehicles was paramount. Case-Laws Income Tax Tue, 02 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9908