https://www.taxtmi.com/caselaws?id=17514 The court ruled in favor of the Hindu undivided family assessee, allowing the depreciation claimed for buses used during the first three months of the assessment year 1980-81. The transfer of buses to a firm as capital contribution was not considered a sale, discard, or destruction under the Income-tax Act. The court held that partial ownership of the buses during the previous year did not affect eligibility for depreciation allowance, emphasizing that usage for business purposes aligned with legislative intent for depreciation of business assets. en-us Wed, 03 Apr 1996 00:00:00 +0530 Wed, 23 Sep 2009 10:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17514 The court ruled in favor of the Hindu undivided family assessee, allowing the depreciation claimed for buses used during the first three months of the assessment year 1980-81. The transfer of buses to a firm as capital contribution was not considered a sale, discard, or destruction under the Income-tax Act. The court held that partial ownership of the buses during the previous year did not affect eligibility for depreciation allowance, emphasizing that usage for business purposes aligned with legislative intent for depreciation of business assets. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17514