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

Authority: Supreme Court Date: 2011-01-21 AY: 1991-92, 1992-93, 1993-94, 1994-95, 1995-96, 1996-97 Section: 54EA, 10, 45 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 ", " 3290 of 2008
Whether a leasing company can claim depreciation under Section 32 of the Income Tax Act on vehicles purchased and leased out, where vehicles are registered in lessees' names under the Motor Vehicles Act --- Held Yes. Whether such company is entitled to higher rate of depreciation for vehicles used in business of running on hire --- Held Yes.

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