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2004 (10) TMI 61 - HC - Income TaxDepreciation on the oil tankers under section 32 - oil tankers were actually put to use in the relevant accounting year by the assessee for its business purposes - Failure of the assessee to produce the hire contract with the parties is in respect of the two oil tankers is of little significance in view of exposition of law that the word "used" under section 32 of the Act has to be given wider meaning and it will include assets ready for use - . order of the Tribunal refusing to grant depreciation on the two oil tankers is not legally Justified. The appeal is allowed. The order of the Tribunal is set aside and it is held that the assessee-appellant is entitled to depreciation on the two oil tankers
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