https://www.taxtmi.com/caselaws?id=63973 The Tribunal allowed the assessee trust's appeal, directing the Income-tax Officer to permit depreciation on the two trucks owned and used by the trust for its business activities. The Tribunal rejected the revenue authorities' contention that the transaction was a colorable device to evade tax, emphasizing the trust's legal ownership of the trucks and their genuine use in its business operations. The Tribunal relied on precedents establishing that ownership of movable property transfers upon delivery and possession, not solely upon registration. The trust's inclusion of truck income in its accounts and tax returns further supported its entitlement to depreciation under the Income-tax Act. en-us Fri, 26 Feb 1993 00:00:00 +0530 Wed, 02 Feb 2011 18:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63973 The Tribunal allowed the assessee trust's appeal, directing the Income-tax Officer to permit depreciation on the two trucks owned and used by the trust for its business activities. The Tribunal rejected the revenue authorities' contention that the transaction was a colorable device to evade tax, emphasizing the trust's legal ownership of the trucks and their genuine use in its business operations. The Tribunal relied on precedents establishing that ownership of movable property transfers upon delivery and possession, not solely upon registration. The trust's inclusion of truck income in its accounts and tax returns further supported its entitlement to depreciation under the Income-tax Act. Case-Laws Income Tax Fri, 26 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63973