https://www.taxtmi.com/caselaws?id=10039 The High Court held that the assessee is entitled to a higher rate of depreciation on leased out trucks. The court emphasized that leasing a vehicle does not disqualify the assessee from claiming higher depreciation if the lessee has possession and the right to use the vehicle, along with payment for the lease. The court ruled in favor of the assessee, dismissing the Revenue's appeal and affirming the entitlement to the higher rate of depreciation on leased out trucks. en-us Thu, 08 Jul 2004 00:00:00 +0530 Mon, 06 Jul 2009 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10039 The High Court held that the assessee is entitled to a higher rate of depreciation on leased out trucks. The court emphasized that leasing a vehicle does not disqualify the assessee from claiming higher depreciation if the lessee has possession and the right to use the vehicle, along with payment for the lease. The court ruled in favor of the assessee, dismissing the Revenue's appeal and affirming the entitlement to the higher rate of depreciation on leased out trucks. Case-Laws Income Tax Thu, 08 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10039