2004 (1) TMI 44 - HC - Income Tax

Question is with regard to allowance of depreciation at the rate of 40 per cent on leased vehicles - The question is no more res integra in view of the decision of this court reported in CIT v. Bansal Credits Ltd. special leave petition against which has been dismissed by the Supreme Court Thus this revenue s appeal is dismissed

Summary

The High Court of Delhi allowed C. M. P. No. 215 of 2003 subject to all just exceptions. In I. T. A. No. 492 of 2003, the appeal regarding the allowance of depreciation on leased vehicles for the assessment years 1995-96 was dismissed, citing a previous court decision indirectly confirmed by the Supreme Court.