Dy.Cit, Circle-1,, Ahmedabad vs Arcoy Industries (India) Pvt. Ltd.,, ... on 7 November, 2016
Similarly, in the case of 'Dilip Sirigh Sardarsingh Baggtt' (supra), the assessee had
purchased a truck from one Shri Agrawal. The brand new truck was originally allotted to
Mr. Agarwal. Since the vendor did not have sufficient funds to purchase the truck, he
made an offer to the assessee to finance the purchase of the said truck and to operate the
said truck on licence as owning to the restrictions under the Motor Vehicles Act. The
truck in question could not be registered immediately in the name of the assessee. It was
under such circumstances, the Hon'ble Bombay high Court held that the assessee, who
had actually purchased the motor vehicle, for valuable consideration and used the same
for business cannot be denied the benefit of depreciation on the ground that due to some
ITA No. 2546/Ahd/13 & CO 71/A/14 21
Asst. Year 2010-11
restrictions its transfer was not recorded in the name of the assessee under the Motor
Vehicles Act.