1979 (6) TMI 64

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....o allow depreciation on truck. 2. In the asst. order, the ITO noted that truck was in the name of one M. Choudhury who was not even a partner of the assessee firm. He, therefore, disallowed the claim for depreciation. On appeal the AAC directed that the depreciation should be allowed as the assessee invested the entire cost of the vehicle which was also utilised by the assessee for its business....

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....insurance premium etc., were met by the assessee. It is contended on behalf of the Assessee that the AAC was fully justified in following the decision of the Tribunal. Amritsar Bench, Amritsar in ITA No. 1327 of 1971-72 dt. 10th Sept., 1975. The assessee has also filed a copy of this order of the Amritsar Bench. It is, therefore, urged that the order of the AAC may be sustained. 5. We have take....