Held that the assessee which is engaged in business of hire purchase and leasing, leased out motor vehicles as part of its business, assessee was entitled to claim higher depreciation at rate of 40 per cent than normal rate of 25 per cent in respect of vehicles so leased out. ICDS Ltd. v. CIT (2013) 350 ITR 527 (SC) (AY. 2002-03).
CIT v. Lakshmi Vilas Bank Ltd. (2022) 287 Taxman 333/113 CCH 336 (Mad.)(HC)
S. 32 : Depreciation-Business of hire purchase and leasing-Motor vehicles-Entitle to depreciation at 40 percent.