https://www.taxtmi.com/caselaws?id=56945 The Appellate Tribunal ruled in favor of the assessee, allowing the appeal and determining that the assessee was entitled to claim depreciation on the bus, No. PUX 905, for the assessment year 1978-79. The Tribunal disagreed with the lower authorities' decision, emphasizing that registration was not a prerequisite for ownership consideration and that the assessee, having shown income from bus operations, was entitled to claim depreciation under section 32 of the Income-tax Act, 1961. The Tribunal found the revenue's arguments unsubstantiated and concluded that the assessee was the rightful owner of the bus, thus eligible for depreciation. en-us Fri, 13 Aug 1982 00:00:00 +0530 Tue, 07 Dec 2010 14:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56945 The Appellate Tribunal ruled in favor of the assessee, allowing the appeal and determining that the assessee was entitled to claim depreciation on the bus, No. PUX 905, for the assessment year 1978-79. The Tribunal disagreed with the lower authorities' decision, emphasizing that registration was not a prerequisite for ownership consideration and that the assessee, having shown income from bus operations, was entitled to claim depreciation under section 32 of the Income-tax Act, 1961. The Tribunal found the revenue's arguments unsubstantiated and concluded that the assessee was the rightful owner of the bus, thus eligible for depreciation. Case-Laws Income Tax Fri, 13 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56945