Merely because vehicles were used by lessees in their business, Assessee cannot be denied depreciation

HIGH COURT OF KARNATAKA Prakash Leasing Ltd. V/s. Deputy Commissioner of Income-tax, Central Circle-III IT APPEAL NO.2557 OF 2005 FEBRUARY 27, 2012 JUDGMENT N. Kumar, J. The assessee company is engaged in the business of finance and leasing. They have filed a return of income for the assessment year 1996-97 on 28.11.1996 admitting the total loss of income of Rs. 20,58,030/-. Subsequently, they filed a revised return on 13.02.1997 admitting a total loss of Rs. 20,70,930/-. The return was processed under Section 143(1) on 20.02.1997 and it was accepted. The assessee company fur...