I.C.D. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 2013-01-14 AY: 1991-92, 1992-93, 1993-94, 1994-95, 1995-96, 1996-97 Section: 32 Acts: Income Tax Act 1961, Motor Vehicles Act 1988 Result: Assessee Citation: (2013) 84 CCH 021 ISCC (2013) 255 CTR (SC) 449 : (2013) 350 ITR 527 (SC) : (2013) 82 DTR (SC) 33 : ( Justices: D. K. Jain & Jagdish Singh Khehar, JJ. Appeal No: CIVIL APPEAL No. 3282 of 2008 & 3286 to 3290 of 2008
Whether a leasing company can claim depreciation under Section 32 of the Income Tax Act on vehicles purchased and leased out but registered in lessees' names --- Held Yes; Whether such company is entitled to higher depreciation rate for vehicles used in business of running on hire --- Held Yes

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