https://www.taxtmi.com/caselaws?id=470171 A lessor may claim depreciation on vehicles provided under operating leases even where the vehicles are registered in the users' names. Registration under motor-vehicle law creates a deeming fiction limited to that law and does not displace the lessor's ownership for income-tax purposes. Where the vehicles are business assets used through operating leases, the requirements for depreciation are satisfied. The Assessing Officer may verify that the vehicle users have not also claimed depreciation, preventing a duplicate claim. en-us Wed, 22 Mar 2017 00:00:00 +0530 Sat, 18 Jul 2026 11:56:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470171 A lessor may claim depreciation on vehicles provided under operating leases even where the vehicles are registered in the users' names. Registration under motor-vehicle law creates a deeming fiction limited to that law and does not displace the lessor's ownership for income-tax purposes. Where the vehicles are business assets used through operating leases, the requirements for depreciation are satisfied. The Assessing Officer may verify that the vehicle users have not also claimed depreciation, preventing a duplicate claim. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470171