https://www.taxtmi.com/caselaws?id=57414 The Tribunal ruled in favor of the assessee, allowing the claim for depreciation on cars received as a prize under an incentive scheme. It held that the assessee met the conditions for claiming depreciation under section 32 of the Income-tax Act, 1961, as the cars were owned and used for business purposes. The Tribunal rejected the revenue's argument that the cost of the cars was met by another person, emphasizing that the value of the cars, treated as the assessee's income, was effectively spent by the assessee for acquiring them. As a result, the Tribunal directed the Income Tax Officer to recalculate the firm's total income, allowing the appeals. en-us Wed, 13 Feb 1985 00:00:00 +0530 Fri, 10 Dec 2010 10:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57414 The Tribunal ruled in favor of the assessee, allowing the claim for depreciation on cars received as a prize under an incentive scheme. It held that the assessee met the conditions for claiming depreciation under section 32 of the Income-tax Act, 1961, as the cars were owned and used for business purposes. The Tribunal rejected the revenue's argument that the cost of the cars was met by another person, emphasizing that the value of the cars, treated as the assessee's income, was effectively spent by the assessee for acquiring them. As a result, the Tribunal directed the Income Tax Officer to recalculate the firm's total income, allowing the appeals. Case-Laws Income Tax Wed, 13 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57414