M/S. I.C.D.S. Ltd vs Commissioner Of Income Tax & Anr

The Supreme Court addressed the issue of depreciation claims under Section 32 of the Income Tax Act, 1961, for a public limited company engaged in leasing vehicles. The Court held that mere financing of vehicle purchases does not qualify the assessee as the user or owner for claiming higher depreciation rates. The Tribunal's decision to allow normal depreciation was upheld, but the claim for higher depreciation was denied, establishing that actual user of the asset is essential for such claims.