https://www.taxtmi.com/caselaws?id=17865 The court held in favor of the assessee, ruling that they were entitled to claim depreciation on the motor trucks under section 32 of the Income-tax Act, 1961. The court determined that the assessee retained ownership of the trucks and used them for business purposes, meeting the conditions for depreciation allowance. The court emphasized that the agreements with contractors did not transfer ownership, as the assessee had the right to repossess the trucks and the contractors had the option, not the obligation, to purchase them. en-us Mon, 05 Aug 1996 00:00:00 +0530 Fri, 25 Sep 2009 12:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17865 The court held in favor of the assessee, ruling that they were entitled to claim depreciation on the motor trucks under section 32 of the Income-tax Act, 1961. The court determined that the assessee retained ownership of the trucks and used them for business purposes, meeting the conditions for depreciation allowance. The court emphasized that the agreements with contractors did not transfer ownership, as the assessee had the right to repossess the trucks and the contractors had the option, not the obligation, to purchase them. Case-Laws Income Tax Mon, 05 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17865