https://www.taxtmi.com/caselaws?id=66729 The ITAT allowed the appeal, ruling in favor of the assessee and directing the ITO to allow depreciation on the lorry for the relevant accounting period. The decision emphasized the importance of ownership and usage over mere registration transfer in determining eligibility for depreciation claims. The tribunal found that the assessee had effectively utilized the vehicle for business purposes during the accounting year, supporting the allowance of depreciation despite the registration transfer occurring later. en-us Mon, 05 Dec 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:46:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66729 The ITAT allowed the appeal, ruling in favor of the assessee and directing the ITO to allow depreciation on the lorry for the relevant accounting period. The decision emphasized the importance of ownership and usage over mere registration transfer in determining eligibility for depreciation claims. The tribunal found that the assessee had effectively utilized the vehicle for business purposes during the accounting year, supporting the allowance of depreciation despite the registration transfer occurring later. Case-Laws Income Tax Mon, 05 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66729