https://www.taxtmi.com/caselaws?id=60780 The Tribunal upheld the CIT(A)'s decision to allow depreciation at a higher rate of 40% for the assessment year 1999-2000 in a hire purchase and lease financing case. It ruled that the assessees, engaged in hire purchase and leasing, met the conditions for claiming higher depreciation as the vehicles were used for hire by lessees, rejecting the argument that the assessees must use the vehicles themselves for hire. The Tribunal emphasized the end-user's role in claiming depreciation and dismissed the Revenue's appeals, affirming the higher depreciation rate for the assessees. en-us Thu, 18 Sep 2003 00:00:00 +0530 Sat, 08 Jan 2011 10:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60780 The Tribunal upheld the CIT(A)'s decision to allow depreciation at a higher rate of 40% for the assessment year 1999-2000 in a hire purchase and lease financing case. It ruled that the assessees, engaged in hire purchase and leasing, met the conditions for claiming higher depreciation as the vehicles were used for hire by lessees, rejecting the argument that the assessees must use the vehicles themselves for hire. The Tribunal emphasized the end-user's role in claiming depreciation and dismissed the Revenue's appeals, affirming the higher depreciation rate for the assessees. Case-Laws Income Tax Thu, 18 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60780