1985 (5) TMI 108

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of appeal, which have been taken and the main amount is in respect of allowability of depreciation on truck and trolley owned and used by the appellant for its business, which is running of transport. Mr. G. D. Gargieya submitted that the truck was purchased in the name of Shri G. L. Jain out of financial assistance of Rajasthan Financial Corporation. There was an agreement between Shri G. L. Ja....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rom the RFC and Shri Jain would indemnify if there is any claim on this account on him. Mr. Gargieya also referred to p. 4 which is the agreement dt. 1st Dec., 1978, which is the agreement prior to the date mentioned earlier on the same line. Mr. Gargieya submitted that the only ground of the Department in not allowing the claim of depreciation to the assessee was that the truck was not transferre....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....16, CIT vs. Salkia Transport Associates (1983) 33 CTR (Cal) 198 : (1983) 143 ITR 39 (Cal), Renusagar Power Co. Ltd. vs. Union of India & Ors. (1982) 137 ITR 97 (Del), CIT vs. Amber Corpn. (1981) 127 ITR 29 (Raj). 2. Mr. Singh, the ld. Departmental Representative submitted that since the higher purchase agreement was in the name of Shri G. L. Jain, the agreement between G. L. Jain and the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ise only Mr. Jain. The intention being to own the truck by the assessee and, also, in fact, the assessee has been using the truck with full title, right and interest, the assessee could be said to be the owner though the property is not transferred in its name. We draw support form the U. P. Agro Industries, Allahabad High Court decision, supra. We have no hesitation in upholding the contention of....