https://www.taxtmi.com/caselaws?id=795285 Depreciation on vehicles given under operating leases remains available to the owner where master lease agreements retain ownership, rights and interest in the vehicles and grant customers only a right of use. Vehicle registration in users' names for convenience under the motor-vehicle regime does not displace the lessor's ownership for depreciation purposes. Accordingly, depreciation is allowable to the assessee despite registration entries in the users' R.C. books, and the proposed disallowance raises no substantial question of law. en-us Wed, 15 Jul 2026 00:00:00 +0530 Mon, 20 Jul 2026 09:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795285 Depreciation on vehicles given under operating leases remains available to the owner where master lease agreements retain ownership, rights and interest in the vehicles and grant customers only a right of use. Vehicle registration in users' names for convenience under the motor-vehicle regime does not displace the lessor's ownership for depreciation purposes. Accordingly, depreciation is allowable to the assessee despite registration entries in the users' R.C. books, and the proposed disallowance raises no substantial question of law. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795285