https://www.taxtmi.com/caselaws?id=11472 Depreciation under section 32 is available only for assets owned by the assessee and used for business, including assets kept ready for use. For a vehicle intended to operate as a contract carriage, mere delivery and temporary registration were insufficient where the required contract carriage permit was obtained only later. Because the vehicle could not lawfully be treated as ready for passenger-carrying business before that permit, the assessee's claim to depreciation for the relevant assessment year failed on the stated facts. en-us Mon, 30 Sep 2002 00:00:00 +0530 Mon, 10 Aug 2009 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11472 Depreciation under section 32 is available only for assets owned by the assessee and used for business, including assets kept ready for use. For a vehicle intended to operate as a contract carriage, mere delivery and temporary registration were insufficient where the required contract carriage permit was obtained only later. Because the vehicle could not lawfully be treated as ready for passenger-carrying business before that permit, the assessee's claim to depreciation for the relevant assessment year failed on the stated facts. Case-Laws Income Tax Mon, 30 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11472