https://www.taxtmi.com/caselaws?id=37497 Depreciation on assets purchased under an agreement of sale, where substantial consideration had been paid and possession delivered, raised a substantial question of law under section 32 of the Income-tax Act. The Rajasthan High Court held that the issue could not be finally decided at the reference stage, as the cited authorities were not directly governing the depreciation claim and there was no direct Supreme Court or High Court ruling on the point. The Tribunal was therefore required to state the case and refer the question for determination, while the merits of the assessee's entitlement were left open. en-us Tue, 19 Jul 1977 00:00:00 +0530 Tue, 30 Mar 2010 11:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37497 Depreciation on assets purchased under an agreement of sale, where substantial consideration had been paid and possession delivered, raised a substantial question of law under section 32 of the Income-tax Act. The Rajasthan High Court held that the issue could not be finally decided at the reference stage, as the cited authorities were not directly governing the depreciation claim and there was no direct Supreme Court or High Court ruling on the point. The Tribunal was therefore required to state the case and refer the question for determination, while the merits of the assessee's entitlement were left open. Case-Laws Income Tax Tue, 19 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37497