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TMI Blog2013 (11) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... "(A) Whether on the facts and circumstances of the case, that the finding of the appellate Tribunal with regard to the purchase of vehicles by the assessee and lending on hire can be said to be based on material on record? (B) Whether on the facts and circumstances of the case, the appellate Tribunal is justified in holding that the depreciation u/s. 32 should be allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al as regards the aforesaid questions can be said to be based on material on record?" We have heard Sri S.R. Ashok , learned senior counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal. The learned Tribunal while deciding ground No.1 with regard to sustenance of disallowance of depreciation of Rs.3,68,689/- has relied on its earlier judgment of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the circumstances, we are of the considered view that the assessee is liable to tax only in respect of the income part. The assessee has rightly shown 50% of the amount received as assessee has received 50% towards purchase price and 50% towards lease income. Under the circumstances, we are of the considered view that principal amount which is towards vehicle price is not income. Therefore, same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the assessee has not taken any deposits from the said 5 parties but has made repayment of deposits taking in the earlier years. It is also not in dispute that the repayment was made by cheques. The learned CIT(A) after examining the assessee's submission and the remand report of the A.O. has held that under these circumstances the repayment cannot be said to be unaccounted payment on the part o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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