https://www.taxtmi.com/caselaws?id=67351 A hire purchase truck remained eligible for depreciation because a beneficial CBDT circular directed allowance of depreciation on vehicles held under hire purchase, and such circulars are binding on revenue authorities. The Tribunal held that the assessee could not be denied depreciation merely on the basis that ownership was disputed under the strict legal position or because contrary judicial opinion existed. The circular had to be followed by the assessing authorities, so the withdrawal of depreciation was set aside and the assessee's claim was restored. en-us Thu, 18 Feb 1982 00:00:00 +0530 Thu, 10 Mar 2011 11:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67351 A hire purchase truck remained eligible for depreciation because a beneficial CBDT circular directed allowance of depreciation on vehicles held under hire purchase, and such circulars are binding on revenue authorities. The Tribunal held that the assessee could not be denied depreciation merely on the basis that ownership was disputed under the strict legal position or because contrary judicial opinion existed. The circular had to be followed by the assessing authorities, so the withdrawal of depreciation was set aside and the assessee's claim was restored. Case-Laws Income Tax Thu, 18 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67351