Depreciation on plant and machinery purchased on hire-purchase system.

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....) Referred: 32 Statute: Income - Tax Act, 1961 Attention is drawn to the Board's Circular No.9 of 1943 (R/DI F.No 27(4)/IT/43) dated 23rd March, 1943, (printed below) clarifying that depreciation on....

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....d by Revenue Audit in certain cases some Income-tax Officers are not allowing depreciation and development rebate on machinery purchased on hire-purchase system even though the conditions laid down in....