Supreme Court of India
M/s L.C.D.S. Ltd. v. Commissioner of Income Tax, Mysore & Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that the lessor i.e. the assessee is the owner of the vehicles.
Judgment, page 25
From the headnote
Income Tax Act, 1961 - s.32(1) - Depreciation - On the vehicle - Purchased and financed by the assessee but 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 per s.32, the asset must be 'owned' by the assessee and 'used for the purpose of the business' - In the facts of the case, 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
Where later benches applied it
Of those, 1 referred to
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