Income Tax/ Depreciation/ Hire Purchase/ Assets Acquired
Description: Assets Acquired on Hire Purchase Basis –– Whether Depreciation Allowable–– P.Varadraj. Majority of judgments are in favour of the view that the depreciation is allowable in respect of assets acquired on hire purchase basis. The Apex Court in Mysore Minerals Ltd. v. CIT (1999) 239 ITR 775 (SC) In the case of hire purchase […]
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