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2002 (9) TMI 22 - HC - Income Tax"1. Whether, in the light of the admission of the assessee that the vehicle was run only on April 1, 1992, the assessee is entitled to depreciation for the assessment year 1992-93? - 2. Whether, in view of the fact that registration for operating as a contract carriage was obtained on May 5, 1992, is not depreciation admissible only from the assessment year 1993-94?" - Since the contract carriage permit was obtained for the vehicle only on May 5, 1992, it cannot be said legally that the vehicle was kept ready for use on or before March 31, 1992 - We accordingly answer the two questions 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.
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