https://www.taxtmi.com/caselaws?id=65713 Depreciation was allowed on a truck standing in another person's name because the assessee had borne the full cost, shown the asset in its balance sheet, used it in its transport business, and met related expenses such as registration and insurance. The Tribunal treated beneficial ownership and business use as sufficient for depreciation where the assessee had in substance acquired and exploited the vehicle, and followed an earlier Tribunal decision on the same point. The departmental appeal failed. en-us Thu, 21 Jun 1979 00:00:00 +0530 Thu, 05 May 2016 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65713 Depreciation was allowed on a truck standing in another person's name because the assessee had borne the full cost, shown the asset in its balance sheet, used it in its transport business, and met related expenses such as registration and insurance. The Tribunal treated beneficial ownership and business use as sufficient for depreciation where the assessee had in substance acquired and exploited the vehicle, and followed an earlier Tribunal decision on the same point. The departmental appeal failed. Case-Laws Income Tax Thu, 21 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65713