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of <h1>Supreme Court Allows Non-Banking Finance Companies to Claim Depreciation on Leased Vehicles u/s 32 of Income Tax Act.</h1> The Supreme Court ruled that a non-banking finance company is entitled to claim depreciation on vehicles leased to customers under Section 32 of the Income Tax Act, 1961. Despite the vehicles being registered in the lessees' names, the Court recognized the company's legal ownership and business use through lease agreements, fulfilling the Act's requirements. The Court also granted a higher depreciation rate, equating leasing with running vehicles on hire due to similar business operations. This decision clarifies the interpretation of ownership and business usage for depreciation claims in leasing businesses, overturning the High Court's prior denial.
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