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of <h1>ITAT allows appeal, reinstates depreciation on truck under hire purchase agreement</h1> The Appellate Tribunal ITAT Jabalpur allowed the appeal filed by the assessee, overturning the AAC's decision to withdraw depreciation on a truck held ... - The appeal was filed by the assessee against the AAC's decision to withdraw depreciation on a truck held under a hire purchase agreement. The assessee cited a CBDT circular allowing depreciation in such cases. The Tribunal referred to a Gujarat High Court case stating that CBDT circulars should be followed, even if they deviate from legal positions. The Tribunal set aside the AAC's order and restored the ITO's order, allowing the appeal. (Case: Appellate Tribunal ITAT JABALPUR, Citation: 1982 (2) TMI 141 - ITAT JABALPUR)
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