Depreciation Allowed on Leased Back Assets: Income from Truck Leasing Qualifies as Business Income u/ss 2(13) & 2(24.

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....Disallowance of depreciation on assets acquired and leased back - 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 - claim of depreciation allowed - AT....