Depreciation on Leased Trucks Allowed as Business Income u/ss 2(13), 2(24), and 32 of Income Tax Act.

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....Disallowance of depreciation - Finance lease - on a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income, or income derived in the course of business, and has been so assessed. Hence, it fulfills the second requirement of Section 32 viz. that the asset must be used in the course of business. - AT....