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2014 (11) TMI 941 - GUJARAT HIGH COURTEntitlement for depreciation - determination of date of purchase - date of delivery taken for the assets or date of payment made for the transactioin – Whether the Tribunal was right in holding that when the sale consideration is paid subsequently, the entire sale transaction becomes conditional and the date of such would be the date on which the payment is made – Held that:- The assessee has taken delivery of the machine on 28.8.1993 and the payment was made on 22.2.1994 and the insurance policy which was taken in October was amended with effect from 1.11.1993 - there is nothing on record to show that there was any contract between the appellant and the seller, so that the same can be said to be contingent contract - No condition is produced on record whether it was a conditional sale or not - The letter written by the assessee to the AO is on record - the contention of Mr. Mehta that it was a conditional sale is misconceived - The finding of Tribunal is not borne out from the facts and is contrary to the law of Contract and the Income-Tax Act relating to depreciation - the delivery is taken prior to 31.10.1994, the appellant-assessee is entitled for 100% depreciation for the relevant year – Decided in favour of assessee.
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