2004 (8) TMI 95

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.... under section 260A of the Income-tax Act, 1961 (for short "the Act"), against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), dated March 31, 2003, pertaining to the assessment year 1989-90. The only dispute raised in this case is against the findings of the Tribunal that the assessee is entitled to depreciation on the buses which were standin....

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....s". Thus, the Tribunal concluded that there was ample evidence on record to show that the assessee had taken over the buses from the directors and the mere fact that the same were not got registered in the names of the assessee could not be a ground for disallowing the claim of depreciation. The decision of the Tribunal is in conformity with the law laid down by the apex court in CJT v. Podar Cem....