https://www.taxtmi.com/caselaws?id=795285 Ownership of vehicles under operating lease remained with the assessee where the master lease agreements retained the assessee's rights and interest and granted customers only a right to use the vehicles. Registration in users' names in vehicle registration records, undertaken for convenience under the motor-vehicle regime, did not displace that ownership. Applying the principle governing depreciation on leased assets, the notes state that the assessee was entitled to depreciation despite registration in the users' names, and the Revenue's challenge raised 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 Ownership of vehicles under operating lease remained with the assessee where the master lease agreements retained the assessee's rights and interest and granted customers only a right to use the vehicles. Registration in users' names in vehicle registration records, undertaken for convenience under the motor-vehicle regime, did not displace that ownership. Applying the principle governing depreciation on leased assets, the notes state that the assessee was entitled to depreciation despite registration in the users' names, and the Revenue's challenge raised no substantial question of law. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795285