2004 (1) TMI 34 - HC - Income Tax

Depreciation on vehicle - Tribunal holding that assessee failed to prove the fact that the cars were used by the Indian companies for the foreign tourists - It is required to be noted that it is the assessee who has to give his vehicle to the tourists on hire basis so as to earn the benefits under section 32. - If the vehicle is used on hire for tourists, only then a person would be entitled to get the benefit - Tribunal has rightly held that the vehicles were not used for the purpose for which benefit was claimed

Summary

The High Court of Delhi upheld the decision of the Tribunal regarding the use of vehicles for foreign tourists, stating that the vehicles were not used as claimed for depreciation benefits under the Income-tax Act, 1961. The appeal was not admitted.