TMI Blog1997 (9) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case, the assessee was entitled to claim depreciation under s. 32 of the IT Act, 1961 on the three trucks ?" 2. The facts as found by the Tribunal are that the assessee-firm came to be constituted under a partnership deed dt. 6th Oct., 1973. It consisted of seven partners, Sarvasri Moti Lal Agarwal, Anand Agarwal, Anil Agarwal, Pradeep Agarwal, Premji A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the contention of the assessee, holding that the three trucks became the assets of the firm and they were used through the agents by the assessee-firm. This is how the Tribunal concluded that the assessee owned and used the three trucks and it was entitled to depreciation under s. 32(1) of the Act. The Tribunal as a last fact finding body categorically recorded a finding of fact that all the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o initially owned the vehicles. 5. In Addl. CIT vs. U.P. State Agro Industrial Corpn. Ltd. [1981] 20 CTR (All) 141 [1981] 127 ITR 97 (All) : TC 27R.228, this Court held that the expression "building owned by the assessee" in s. 32 of the IT Act, 1961, has not been used in the sense of the property, complete title in which vests in the assessee. The assessee will be considered to be an owner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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