- (1.) Heard Sri A.N. Mahajan, learned Standing Counsel, and Sri R.P. Agarwal, learned Counsel appearing on behalf of the respondent.
(2.) In the present appeal the Commissioner of Income-tax is raising the following question of law: (1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in allowing depreciation under the provisions of Section 32 of the Act to the assessee on trucks which are in the name of Directors of the company and also on the trucks which are under hire purchase agreement?
(3.) Learned Standing Counsel submitted that under Section 32 of the Income-tax Act, 1961 (called the 'Act' for short) only the owner of the vehicle is entitled for depreciation. The company is the assessee in the present case and it claimed the depreciation on the vehicle which was in the name of the Director of the company. Therefore, in respect of such vehicle the company was not entitled for depreciation under Section 32 of the Act.;