2002 (9) TMI 67

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....ed by R. JAYASIMHA BABU J.-The question referred to us at the instance of the assessee is, "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in directing that the assessee is entitled to depreciation in respect of the ten motor cars purchased on March 30, 1989, and March 31, 1989, even though the assessee had not proved the fact that the asse....

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....usinessman would have definitely used the cars though the same was purchased on the last day of the accounting year. No evidence of any such use has been placed before the authorities or the Tribunal by the assessee. The Supreme Court in the case of Liquidators of Pursa Ltd. v. CIT [1954] 25 ITR 265, has held, inter aria, that the words, "used for the purpose of the business" obviously mean "us....