Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (8) TMI 95 - PUNJAB AND HARYANA HIGH COURTDepreciation - Dispute raised in this case is against the findings of the Tribunal that the assessee is entitled to depreciation on the buses which were standing in the names of the directors - Tribunal concluded that there was ample evidence on record to show that the assessee had taken over the buses from the directors and the mere fact that the same were not got registered in the names of the assessee could not be a ground for disallowing the claim of depreciation - in the context of the Income-tax Act, 1961, having regard to the ground realities and further having regard to the object of this Act, namely, to tax the income, "owner" is a person who is entitled to receive income from the property in his own right. – No infirmity in tribunal’s order
|