https://www.taxtmi.com/caselaws?id=61029 Depreciation on motor vehicles forming part of a "block of assets" under s.32(1)(ii) was examined to decide whether individual assets lose identity so as to preclude application of s.38(2). The Tribunal held that individual assets remain identifiable within a continuing block notwithstanding changing WDV under s.43(6) and capital gains provisions under s.50; therefore, where personal/non-business use is established, s.38(2) can validly restrict depreciation. The disallowance of a portion of vehicle depreciation was sustained. On business loss due to theft of stock, the Tribunal held the loss crystallised when the insurer finally rejected the claim and the receivable was written off; hence it was allowable in that year. The AO was directed to grant relief for the theft loss, and the appeal was partly allowed. en-us Mon, 09 Aug 1999 00:00:00 +0530 Thu, 01 Jan 2026 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61029 Depreciation on motor vehicles forming part of a "block of assets" under s.32(1)(ii) was examined to decide whether individual assets lose identity so as to preclude application of s.38(2). The Tribunal held that individual assets remain identifiable within a continuing block notwithstanding changing WDV under s.43(6) and capital gains provisions under s.50; therefore, where personal/non-business use is established, s.38(2) can validly restrict depreciation. The disallowance of a portion of vehicle depreciation was sustained. On business loss due to theft of stock, the Tribunal held the loss crystallised when the insurer finally rejected the claim and the receivable was written off; hence it was allowable in that year. The AO was directed to grant relief for the theft loss, and the appeal was partly allowed. Case-Laws Income Tax Mon, 09 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61029