2003 (1) TMI 19 - HC - Income Tax

Depreciation section 32 - Vehicle interpretation of the word used . appellant contend that even if the vehicle was not actually used but since it was ready for use, the assessee was entitled to claim the benefit of depreciation on such assets - The word used denotes actually used and not merely ready for use. The expression used means actually used for the purposes of the business - no substantial question of law is involved. The appeal is dismissed in limine

Summary

The High Court of Bombay dismissed the appeal, stating that the term "used" in relation to claiming depreciation on assets means actual use for business purposes, not just being ready for use. The judgment of Whittle Anderson Ltd. v. CIT was considered, but the court emphasized the distinction between "use" and "used." The appeal was dismissed with no costs.