https://www.taxtmi.com/caselaws?id=12942 Higher depreciation under Appendix I, entry 111(2)(ii) is available where motor lorries are leased out for consideration and put to use by another person. A lease transfers possession and user rights for payment, and the fact that the consideration is described as rent or hire charges does not alter the substance. For this depreciation entry, there is no material distinction between short-term hiring and leasing for a specified period. The leased motor lorries were therefore regarded as being used in the business of running them on hire, entitling the assessee to the higher rate of depreciation. en-us Fri, 07 Sep 2001 00:00:00 +0530 Mon, 22 Dec 2025 19:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12942 Higher depreciation under Appendix I, entry 111(2)(ii) is available where motor lorries are leased out for consideration and put to use by another person. A lease transfers possession and user rights for payment, and the fact that the consideration is described as rent or hire charges does not alter the substance. For this depreciation entry, there is no material distinction between short-term hiring and leasing for a specified period. The leased motor lorries were therefore regarded as being used in the business of running them on hire, entitling the assessee to the higher rate of depreciation. Case-Laws Income Tax Fri, 07 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12942