Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Income Tax Act Depreciation |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
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 registration certificate as to ownership of the legal title of the vehicle - Therefore, assessee was entitled to depreciation at normal rate as well as higher rate -Motor Vehicles Act, 1988 - ss.2(30) and 51.Motor Vehicles Act, 1988 - s.2(30) - 'Owner' - Meaning - Applicability to general law - This provision is a deeming provision that creates a legal fiction of ownership in favour of lessee only for the purpose of the Act - It is not a statement of law on ownership in general. Words and Phrases: 'Depreciation' - Meaning of. 'Own', 'Owner' and 'Ownership' - Meaning of. |
Judge | Hon'ble Mr. Justice D.K. Jain |
Neutral Citation | 2013 INSC 33 |
Petitioner | M/s L.c.d.s. Ltd. |
Respondent | Commissioner Of Income Tax, Mysore & Anr. |
SCR | [2013] 3 S.C.R. 1082 |
Judgement Date | 2013-01-14 |
Case Number | 3282 |
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