https://www.taxtmi.com/caselaws?id=10522 Depreciation under section 32 is allowable where the assessee owns the asset and uses it for business, and "use" extends to passive use or assets kept ready for use. On the facts, material showing delivery, steps for registration, road tax payment, challan, and penalty order supported the conclusion that the two oil tankers were either put to business use or at least kept ready for such use; registration under motor vehicle law was not a ative for depreciation. The authorities could not disregard that evidence on conjecture, particularly where the presumption of regularity under section 114 of the Evidence Act applied to the official acts relied upon. en-us Tue, 26 Oct 2004 00:00:00 +0530 Fri, 17 Jul 2009 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10522 Depreciation under section 32 is allowable where the assessee owns the asset and uses it for business, and "use" extends to passive use or assets kept ready for use. On the facts, material showing delivery, steps for registration, road tax payment, challan, and penalty order supported the conclusion that the two oil tankers were either put to business use or at least kept ready for such use; registration under motor vehicle law was not a ative for depreciation. The authorities could not disregard that evidence on conjecture, particularly where the presumption of regularity under section 114 of the Evidence Act applied to the official acts relied upon. Case-Laws Income Tax Tue, 26 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10522