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Depreciation Claims Valid Under Hire Purchase; Ownership Not Required in Assessee's Name for Eligibility.

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....Depreciation - mandation of ownership of such machines in name of the assessee - a hire purchase agreement is one where the hirer has an option to purchase the goods in accordance with terms of the agreement and the property in the goods pass on to such person on the payment of the last installment. Thus the allegation of the revenue is on a totally wrong appreciation of facts. - AT....

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Depreciation Claims Valid Under Hire Purchase; Ownership Not Required in Assessee's Name for Eligibility.