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2014 (9) TMI 733 - HC - Income TaxDepreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - depreciation in respect of assets of the hire purchase and leasing business of the appellant has been allowed only for 12 months as against the claim of the appellant -assessee for 22 months. - Held that:- Assessee was having two separate bank accounts for each of the firm - assessee prepared two balance sheets and profit & loss account - The funds provided by the assessee's firm to the new business entity was shown as investment in its balance sheet - There is no interconnection between the businesses of the assessee - The existing business of the assessee is "trading of engines", whereas the new business comprised of "hire purchase and leasing" - there is no common pool of funds for both the businesses – there is no reason to interfere with the order passed by the lower authorities – Decided against assessee.
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