Dismissing the appeal of the revenue the Court held that ; when the assessee is in the business of leasing as long as asset is utilized for purpose of business , the depreciation is allowable .Followed I.C.D.S Ltd v. CIT ( 2013) 350 ITR 527 (SC)(AY. 1997-98)
CIT v. Shriram Chits & Investments (P.) Ltd. (2018) 257 Taxman 395/(2019) 410 ITR 10 (Mad.)(HC)
S. 32 : Depreciation –Leasing of vehicles- Asset utilized for the purposes of business- Entitle to depreciation