https://www.taxtmi.com/caselaws?id=11677 The dominant issue was whether payments described as lease rent for trucks were deductible as revenue expenditure or disallowable on the premise that the assessee was the owner. Interpreting the lease agreement and contemporaneous correspondence, the HC held that during the lease term the lessor remained the owner, the assessee had no right to transfer or alienate the trucks, and depreciation under the Income-tax Act was contractually and actually claimed by the lessor and allowed by the Department; hence the assessee could not simultaneously be treated as owner, as there cannot be two owners of the same property for the same period. The Tribunal's contrary view was set aside, the appellate authority's allowance restored, and the lease rent was held deductible as revenue expenditure; appeals allowed. en-us Fri, 28 Mar 2003 00:00:00 +0530 Sat, 27 Dec 2025 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11677 The dominant issue was whether payments described as lease rent for trucks were deductible as revenue expenditure or disallowable on the premise that the assessee was the owner. Interpreting the lease agreement and contemporaneous correspondence, the HC held that during the lease term the lessor remained the owner, the assessee had no right to transfer or alienate the trucks, and depreciation under the Income-tax Act was contractually and actually claimed by the lessor and allowed by the Department; hence the assessee could not simultaneously be treated as owner, as there cannot be two owners of the same property for the same period. The Tribunal's contrary view was set aside, the appellate authority's allowance restored, and the lease rent was held deductible as revenue expenditure; appeals allowed. Case-Laws Income Tax Fri, 28 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11677