https://www.taxtmi.com/caselaws?id=251547 The High Court upheld the decision of the lower authorities to disallow depreciation claim on a tanker for the assessment year 1996-1997, as it was not used for business purposes during the relevant period. Despite the assessee's arguments for allowing depreciation even for passive usage, the Court found no evidence to support the claim that the tanker was hired for water supply. The appeal was dismissed, and no costs were awarded. en-us Tue, 05 Aug 2014 00:00:00 +0530 Thu, 18 Sep 2014 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251547 The High Court upheld the decision of the lower authorities to disallow depreciation claim on a tanker for the assessment year 1996-1997, as it was not used for business purposes during the relevant period. Despite the assessee's arguments for allowing depreciation even for passive usage, the Court found no evidence to support the claim that the tanker was hired for water supply. The appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251547