https://www.taxtmi.com/caselaws?id=16513 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and allowing the depreciation claim for the three trucks under section 32 of the Income Tax Act, 1961. The Court found that the trucks became assets of the firm and were used through agents, satisfying the conditions for depreciation claim despite registration remaining in the names of the original owners. Precedents from Bombay High Court and Allahabad High Court supported the interpretation that ownership for depreciation purposes does not require complete title vesting in the assessee, but the ability to exercise ownership rights independently. en-us Wed, 17 Sep 1997 00:00:00 +0530 Tue, 08 Sep 2009 12:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16513 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and allowing the depreciation claim for the three trucks under section 32 of the Income Tax Act, 1961. The Court found that the trucks became assets of the firm and were used through agents, satisfying the conditions for depreciation claim despite registration remaining in the names of the original owners. Precedents from Bombay High Court and Allahabad High Court supported the interpretation that ownership for depreciation purposes does not require complete title vesting in the assessee, but the ability to exercise ownership rights independently. Case-Laws Income Tax Wed, 17 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16513