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1982 (9) TMI 28 - HC - Income Tax
Extract:
....... case, the new buses were owned by the assessee within the meaning of s. 32 of the I.T. Act and the assessee was entitled to claim depreciation allowance on these vehicles. In the premises, both the questions are answered in the affirmative and in favour of the assessee. The parties will pay and bear their own costs. SABYASACHI MUKHARJI J.-I agree.