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2012 (5) TMI 167 - HC - Income TaxDepreciation against assets given under hire purchase transaction - Board Circular No.689 dated 24.8.1994 - held that:- the Board pointed out that in matters of hire purchase, where the agreement disclosed the ownership resting with the lessee, the claim of depreciation should be allowed to the lessee on the entire purchase price. - Decided against the assessee.
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