https://www.taxtmi.com/caselaws?id=301487 The High Court of Telangana upheld the Income Tax Appellate Tribunal's decision allowing a Non-Banking Financial Company to claim depreciation at a 40% rate on vehicles leased out for the Assessment Year 1998-99. The court ruled that the company's use of vehicles in its leasing business entitled it to the higher depreciation rate, as there is no qualitative difference between leasing a vehicle for a specified period and letting it on hire for a short duration. The court dismissed the Revenue's appeal under Section 260-A of the Income Tax Act, 1961, at the admission stage without costs. en-us Mon, 03 Sep 2012 00:00:00 +0530 Wed, 06 Apr 2022 15:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301487 The High Court of Telangana upheld the Income Tax Appellate Tribunal's decision allowing a Non-Banking Financial Company to claim depreciation at a 40% rate on vehicles leased out for the Assessment Year 1998-99. The court ruled that the company's use of vehicles in its leasing business entitled it to the higher depreciation rate, as there is no qualitative difference between leasing a vehicle for a specified period and letting it on hire for a short duration. The court dismissed the Revenue's appeal under Section 260-A of the Income Tax Act, 1961, at the admission stage without costs. Case-Laws Income Tax Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301487