https://www.taxtmi.com/caselaws?id=470172 A lessor may claim depreciation on vehicles provided under an operating lease even where they are registered in the lessees' names and delivered directly to them. Vehicle registration creates deemed ownership only for Motor Vehicles Act purposes and does not displace the lessor's ownership for income-tax purposes. Where the lessor uses the vehicles in its leasing business, it satisfies the ownership and business-use conditions for depreciation. The claim remains subject to verification that the vehicle users have not also claimed depreciation, preventing double depreciation. en-us Wed, 20 Jul 2016 00:00:00 +0530 Sat, 18 Jul 2026 11:59:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470172 A lessor may claim depreciation on vehicles provided under an operating lease even where they are registered in the lessees' names and delivered directly to them. Vehicle registration creates deemed ownership only for Motor Vehicles Act purposes and does not displace the lessor's ownership for income-tax purposes. Where the lessor uses the vehicles in its leasing business, it satisfies the ownership and business-use conditions for depreciation. The claim remains subject to verification that the vehicle users have not also claimed depreciation, preventing double depreciation. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470172