TMI Blog1985 (5) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... lity of depreciation on truck and trolley owned and used by the appellant for its business, which is running of transport. Mr. G. D. Gargieya submitted that the truck was purchased in the name of Shri G. L. Jain out of financial assistance of Rajasthan Financial Corporation. There was an agreement between Shri G. L. Jain and the assessee dt. 10th Dec., 1979 by which agreement, Mr. Jain indicated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on him. Mr. Gargieya also referred to p. 4 which is the agreement dt. 1st Dec., 1978, which is the agreement prior to the date mentioned earlier on the same line. Mr. Gargieya submitted that the only ground of the Department in not allowing the claim of depreciation to the assessee was that the truck was not transferred in favour of the assessee. Mr. Gargieya relied on the Allahabad High Court jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39 (Cal), Renusagar Power Co. Ltd. vs. Union of India Ors. (1982) 137 ITR 97 (Del), CIT vs. Amber Corpn. (1981) 127 ITR 29 (Raj). 2. Mr. Singh, the ld. Departmental Representative submitted that since the higher purchase agreement was in the name of Shri G. L. Jain, the agreement between G. L. Jain and the assessee is of no avail. Further, nothing prevented the assessee to get the property, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in fact, the assessee has been using the truck with full title, right and interest, the assessee could be said to be the owner though the property is not transferred in its name. We draw support form the U. P. Agro Industries, Allahabad High Court decision, supra. We have no hesitation in upholding the contention of the assessee and allowing the claim. The depreciation of Rs. 64,090 on the truck ..... X X X X Extracts X X X X X X X X Extracts X X X X
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