https://www.taxtmi.com/caselaws?id=12136 The HC upheld the Tribunal's finding that commercial vehicles owned by the assessee and leased to third parties qualify as used wholly for business and therefore are eligible for depreciation under section 32 at the higher rate (40% or 50% as applicable). The court affirmed remands to Assessing Officers where factual doubt exists, directing examination of whether the lessee actually used the vehicles in the business of hire; only if so will the higher depreciation rate under the rules be allowable. The Tribunal's view on this question was held to be sustainable. en-us Wed, 13 Nov 2002 00:00:00 +0530 Tue, 30 Sep 2025 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12136 The HC upheld the Tribunal's finding that commercial vehicles owned by the assessee and leased to third parties qualify as used wholly for business and therefore are eligible for depreciation under section 32 at the higher rate (40% or 50% as applicable). The court affirmed remands to Assessing Officers where factual doubt exists, directing examination of whether the lessee actually used the vehicles in the business of hire; only if so will the higher depreciation rate under the rules be allowable. The Tribunal's view on this question was held to be sustainable. Case-Laws Income Tax Wed, 13 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12136