https://www.taxtmi.com/caselaws?id=357823 The appeal challenging the disallowance of depreciation claimed by the assessee for the assessment year 1998-1999 was dismissed. The court upheld the decision to allow the depreciation claimed by the assessee, emphasizing the importance of considering all aspects of the transaction, including the nature of the agreements and deposits received. The assessing officer's concerns about tax avoidance were not substantiated, and the hire charges being low compared to claimed depreciation were deemed irrelevant as substantial interest-free deposits were received by the assessee for hiring the trucks. en-us Tue, 23 Jan 2018 00:00:00 +0530 Fri, 30 Mar 2018 08:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357823 The appeal challenging the disallowance of depreciation claimed by the assessee for the assessment year 1998-1999 was dismissed. The court upheld the decision to allow the depreciation claimed by the assessee, emphasizing the importance of considering all aspects of the transaction, including the nature of the agreements and deposits received. The assessing officer's concerns about tax avoidance were not substantiated, and the hire charges being low compared to claimed depreciation were deemed irrelevant as substantial interest-free deposits were received by the assessee for hiring the trucks. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357823