Supreme Court · 2013 INSC 33 · Decided 14 January 2013
M/S L.C.D.S. LTD. v. Commissioner of Income Tax, Mysore & ANR.
- Court
- Supreme Court of India
- Citation
- 2013 INSC 33 · [2013] 3 S.C.R. 1082
- Case number
- CIVIL APPEAL No. 3282/2008
- Decided
- 14 January 2013
- Bench
- D.K. JAIN, J.S. KHEHAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Motor Vehicles Act Section 2(30), 51; Income Tax Act Section 32(1)
Headnote
Income Tax Act, 1961 - s.32(1) - Depreciation - On the vehicle - Purchased and financed by the assessee but C registered in the name of third parties to whom the assessee leased the vehicles - Claim by assessee for depreciation at normal rate as well as on higher rate - Entitlement - Held: As must be 'owned' by the assessee and 'used for the purpose of the business' - In the facts of the case, D the assessee as a lessor was the owner of the vehicles, and also used them in the course of business i.e. the business of running on hire - No inference can be drawn from the registration
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