https://www.taxtmi.com/caselaws?id=14700 Depreciation on a bus purchased together with a route permit was confined to the value of the vehicle itself. The court applied the principle that only the actual cost of the depreciable asset qualifies, and any separate amount attributable to the route permit is excluded from the depreciable base. The purchase being for a single consideration did not alter that allocation. The Revenue's position prevailed, and the assessee was entitled to depreciation only on the bus component of the price. en-us Wed, 28 Oct 1998 00:00:00 +0530 Sat, 18 Jul 2009 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14700 Depreciation on a bus purchased together with a route permit was confined to the value of the vehicle itself. The court applied the principle that only the actual cost of the depreciable asset qualifies, and any separate amount attributable to the route permit is excluded from the depreciable base. The purchase being for a single consideration did not alter that allocation. The Revenue's position prevailed, and the assessee was entitled to depreciation only on the bus component of the price. Case-Laws Income Tax Wed, 28 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14700