1998 (10) TMI 10

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....ssessee purchased a bus for a consideration of Rs. 1,50,000 on April 3, 1979, from Mariappa Bus Service and claimed depreciation on the entire purchase value in respect of the said bus. The Income-tax Officer did not allow depreciation on a sum of Rs. 30,000 representing one fifth of the sale consideration as the value of the route permit and treated the balance of Rs. 1,20,000 as the cost of the ....

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.... submitted that depreciation cannot be allowed on the route value and the orders passed by the Commissioner and the Tribunal are not in order. It is stated in the sale deed that the seller has transferred the route permit also along with the bus for a consideration of Rs. 1,50,000. Under the facts and circumstances, it is evident that the bus has been purchased by the assessee along with the ro....