TMI Blog2002 (9) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... ns against the assessee and in favour of the Revenue. In the above circumstances, we are of the view that the Tribunal has committed a serious error in holding that the assessee had kept the vehicle ready for use during the previous year relevant to the assessment year 1992-93. - - - - - Dated:- 30-9-2002 - Judge(s) : G. SIVARAJAN., C. N. RAMACHANDRAN NAIR. JUDGMENT The respondent is the assessee. The assessee is a private limited company carrying on business in travel agencies and as operator of tourist vehicles. The assessment year concerned is 1992-93. The substantial questions of law on which the appeal by the Revenue is admitted read as follows: "1. Whether, on the facts and in the circumstances of the case and also in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t used or kept the vehicle ready for use on or before March 31, 1992. The first appellate authority, viz., the Commissioner of Income-tax (Appeals), Thiruvananthapuram, dismissed the appeal filed by the assessee by confirming the disallowance. The Income-tax Appellate Tribunal in further appeal, however, allowed the claim of the assessee. The Department is aggrieved by the order of the Tribunal. Hence, this appeal. We have heard learned standing counsel appearing for the appellant and learned counsel appearing for the respondent. Section 32 of the Income-tax Act provides for depreciation in respect of buildings, machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession subject to the provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icle for carrying tourists on April 1, 1992, when admittedly the contract carriage licence for the vehicle was issued only on May 5, 1992. On the other hand, if the vehicle can be operated on the basis of a regular licence for operating as a non-transport vehicle issued by the registering authority on April 3, 1992, with retrospective effect from March 30, 1992, then it can be said that the vehicle was kept ready for use from April 30, 1992. However, the question is whether on the basis of the certificate of registration so granted, the vehicle can be operated as a contract carriage. In other words, can it be said that the vehicle was kept ready for use as a contract carriage without registering the vehicle as a contract carriage, which was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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