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2023 (6) TMI 218 - AT - Income TaxDisallowing 50% of depreciation on vehicle - vehicle was registered in the second half of the relevant previous year - HELD THAT:- We find force in the argument of AR that since the assessee had paid for the entire purchase cost and had vehicle in its possession before 30.09.2014 and simply because the registration was done on 22.11.2014, the assessee cannot be denied the benefit of depreciation for the full year. We find support in the decision of National Thermal Power Corporation Ltd. [2012 (10) TMI 720 - DELHI HIGH COURT] wherein as held that ‘used or the purposes of the business’ would include the asset which is kept ready for use but actually not put to use. Before us, Revenue has not pointed to any contrary binding decision in its support. In such a situation, we hold that assessee is entitled for deprecation for entire year. Direct the AO to allow the claim of depreciation for the entire year. Thus the ground of assessee is allowed.
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