Financiers of motor vehicles are not entitled to any deprecation much less higher rate of depreciation on such vehicles

DECIDED BY: HIGH COURT OF KERALA, IN THE CASE OF: CIT Vs. Manappuram General Finance & Leasing Ltd., APPEAL NO: ITA No. 1186 of 2009, DECIDED ON January 13, 2010 RELEVANT PARAGRAPH The sole question raised in all the appeals filed by the revenue is whether the Income Tax Appellate Tribunal was justified in holding that the respondents/asscssees, which are engaged in financing of vehicle purchases, are entitled to higher rate of depreciation applicable to motor vehicles used in the business of running them on hire. Rightly or wrongly, the assessing officer allowed depreciation at the rate o...