Vehicle financier eligible for depreciation on vehicle not registered it its name – SC

SUPREME COURT OF INDIA I.C.D.S. Ltd. Versus Commissioner of Income-tax, Mysore D.K. JAIN AND JAGDISH SINGH KHEHAR, JJ. CIVIL APPEAL NOs. 3282 & 3286 to 3290 OF 2008 JANUARY 14, 2013 JUDGMENT D.K. Jain, J. – In all these appeals, by grant of special leave, by the Revenue, the common question of law relates to the claim of the assessee for depreciation under Section 32 of the Income Tax Act, 1961 (for short “the Act”). The assessment years involved are 1991-1992 to 1996-1997. 2. The assessee is a public limited company, classified by the Reserve Bank of Ind...