COMMISSIONER OF INCOME-TAX versus NAVDURGA TRANSPORT CO.
Depreciation The requirements for a claim for depreciation are ownership and utilization of a building, plant, machinery, etc., and four partners forming an eight-firm partnership contribute money as capital, while three partners bring in the money. As part of their truck capital contribution, the vehicles become the assets of the firm and are used by agents appointed by the firm and the revenue from the vehicles accumulated in the firm's books, although the names of the three partners continue to be enrolled. Registration under the Vehicle Act is not a prerequisite for the acquisition of property. The ownership of the assets does not mean that it should be appraised by the Assisi Firm, which owns the vehicle and owns the Indian Income Tax Act, 1961, Section 32
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