https://www.taxtmi.com/caselaws?id=10946 The High Court upheld the decision of the Income-tax Appellate Tribunal, ruling in favor of the assessee's entitlement to claim depreciation on buses initially purchased by directors but later taken over by the assessee. The court emphasized that the assessee, as the entity receiving income from the buses, qualified as the "owner" for tax purposes under the Income-tax Act, 1961. Citing legal precedents, the court dismissed the Revenue's appeal, finding no substantial question of law warranting further review. en-us Tue, 24 Aug 2004 00:00:00 +0530 Tue, 28 Jul 2009 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10946 The High Court upheld the decision of the Income-tax Appellate Tribunal, ruling in favor of the assessee's entitlement to claim depreciation on buses initially purchased by directors but later taken over by the assessee. The court emphasized that the assessee, as the entity receiving income from the buses, qualified as the "owner" for tax purposes under the Income-tax Act, 1961. Citing legal precedents, the court dismissed the Revenue's appeal, finding no substantial question of law warranting further review. Case-Laws Income Tax Tue, 24 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10946