https://www.taxtmi.com/caselaws?id=151916 The Tribunal ruled in favor of the assessee, allowing depreciation on plant and machinery acquired under a hire purchase scheme from the Tea Board. The Commissioner's order denying depreciation was overturned as the Tribunal found it erroneous to apply ownership conditions incorrectly. Additionally, the Tribunal held that the Commissioner's assumption of jurisdiction under section 263 of the Income-tax Act was unsustainable, ultimately setting aside the Commissioner's order. The decision was based on a detailed analysis of relevant legal principles and the Central Board of Direct Taxes circular, supporting the assessee's entitlement to depreciation. en-us Wed, 15 Nov 2000 00:00:00 +0530 Wed, 19 Jun 2013 15:13:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151916 The Tribunal ruled in favor of the assessee, allowing depreciation on plant and machinery acquired under a hire purchase scheme from the Tea Board. The Commissioner's order denying depreciation was overturned as the Tribunal found it erroneous to apply ownership conditions incorrectly. Additionally, the Tribunal held that the Commissioner's assumption of jurisdiction under section 263 of the Income-tax Act was unsustainable, ultimately setting aside the Commissioner's order. The decision was based on a detailed analysis of relevant legal principles and the Central Board of Direct Taxes circular, supporting the assessee's entitlement to depreciation. Case-Laws Income Tax Wed, 15 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151916