https://www.taxtmi.com/caselaws?id=10647 The court ruled in favor of the assessee, allowing the claim for depreciation under section 32 of the Income-tax Act, 1961. It held that leasing out the vehicle constituted its use for business purposes, even if actual use had not commenced. The court emphasized that readiness for use and leasing for profit generation qualified for depreciation, rejecting the argument that actual use was necessary. The appeal was allowed, the Tribunal's decision was overturned, and no costs were awarded to either party. en-us Tue, 15 Feb 2005 00:00:00 +0530 Tue, 21 Jul 2009 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10647 The court ruled in favor of the assessee, allowing the claim for depreciation under section 32 of the Income-tax Act, 1961. It held that leasing out the vehicle constituted its use for business purposes, even if actual use had not commenced. The court emphasized that readiness for use and leasing for profit generation qualified for depreciation, rejecting the argument that actual use was necessary. The appeal was allowed, the Tribunal's decision was overturned, and no costs were awarded to either party. Case-Laws Income Tax Tue, 15 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10647