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2009 (11) TMI 127 - MADRAS HIGH COURTDepreciation under section 32 – Beneficial owner of buses– The assessee claim the depreciation on three buses. The buses were not registered in the name of owner but in the name of the beneficial owner. In this case Madras High Court held that the assessee had made available all the documents relating to the business and also established before the authorities that she was the beneficial owner, thus there is no illegality or irregularity in the order of the Tribunal, The appeal is dismissed. – Decision in favor of assessee – against the revenue.
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