1982 (2) TMI 141

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....nion that since the truck was held by the assessee under a hire purchase agreement, it cannot be said to be owned by the assessee so as to be eligible for the deduction of depreciation. The assessee relies upon the circular of the CBDT No. 127(12)-IT/42 dt. 13th May, 1943 wherein, the ITOs have been directed to grant depreciation even in respect of vehicles held by the assessee under agreement of ....