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2010 (1) TMI 19 - HC - Income TaxDepreciation - Section on trucks – trucks are in the name of Directors – trucks are on purchase – ITAT allowed the depreciation – held that - the trucks have been purchased in the names of the Directors just for the convenience and the funds have been invested by the assessee-company and the higher rents received on such trucks have been credited by the company in their account and such receipts have been taxed by the department and the company was the de facto owner of such trucks – depreciation allowed in the hands of company – registration in the name of company is not important.
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