1977 (12) TMI 54

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..... the year of account. 2. The assessee had purchased a lorry for Rs. 95,961 on 30th March, 1974 and depreciation was claimed on the ground that the said lorry was used by the assessee for the business on the last day of the accounting year, i.e., on 31st March, 1974. The ITO disallowed the claim of the assessee on the ground that the registration of the lorry was not transferred in the name of th .....

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..... s used for the purpose of business carried on by the assessee. In this view of the matter, it was submitted that the assessee should be entitled for the depreciation as per the provisions of law on the said lorry. 4. The learned Departmental Representative, on the other hand, contended that there has been no transfer of registration of the vehicle to the assessee s name during the year of accoun .....

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..... year as has been noted by the ITO. However, it follows that the assessee had, in fact, taken possession of the vehicle and the said vehicle was also used for the purpose of business carried by him during the year of account. The learned Departmental Representative has not been able to show us any authority to substantiate his ground that the registration of the vehicle should be transferred in the .....

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