1.  M/S SWARAJ YARN AGENCY VS. THE COMMISSIONER OF INCOME TAX AND  OTHERS.., CIVIL WRIT PETITION NO. 3085 OF 1994, HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH, DATE OF DECISION: 20.4.2011

Liability of the assessee to pay tax again if tax already paid to the bank is misappropriated by the employees of the approved bank with whom the amount is deposited.- if the receipts are genuine and it is found that petitioners have made the deposit with the bank, such deposit will be treated to be discharge of the liability of the petitioner even if bank has failed to credit the payments to the Central Government Account. 

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2.  Bhagwati Appliance (Now Dairyden Ltd.) - Appellant(s) Vs.  I.T.O., TAX APPEAL No. 100 of 2000, Date of Judgment: 01/04/2011, HIGH COURT OF GUJARAT AT AHMEDABAD 

Assessee company is a leasing company which is engaged in leasing of plant and machinery, motor cars, etc. to its client. It is neither the case of the assessee nor is there anything on record to indicate that the assessee uses the vehicles in question in its business of transportation or that the assessee is engaged in the business of hire. In the circumstances, the basic requirement for being entitled to depreciation at the higher rate of 50 per cent under Entry No.III(2)(ii) of Appendix-I to the Rules is not satisfied by the appellant. In other words, appellant does not pass the test for the applicability of Entry No.III(2)(ii) of Appendix-I appended to the Rules, viz., the user of the vehicles in the business of the assessee of transportation or the business of hire. The Tribunal was, therefore, justified in holding that the appellant is entitled to depreciation at the rate of 33.33 per cent and not at the rate of 50 per cent as claimed by it.

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