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2000 (11) TMI 108 - HC - Income TaxExtract: .......he hands of the assessee becomes nil immediately on purchase of the goods. It goes without saying that the depreciation cannot be allowed on the assets for which the actual cost is nil. Questions Nos. 2 and 3 are also answered in the affirmative, against the assessee and in favour of the Revenue. The questions stands answered accordingly. No costs.
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