THE COMMISSIONER OF INCOME TAX vs. V.L.S.FINANCE LTD.

2010 CM No. 11730/2010 (condonation of delay) This is an application for condonation of delay of 135 days in refiling the appeal. Having heard Ms. Rashmi Chopra, learned counsel for appellant and Mr. V.N. Jha, learned counsel for respondent, we are of the considered opinion that there is sufficient cause warranting . ITA 846/2010 page 1 of 3. . . . condonation of delay and accordingly, delay of 135 days in refiling the appeal stands condoned. Accordingly, application stands disposed of. . ITA 846/2010 The present appeal preferred under Section 260A of Income Tax Act, 1961 (for brevity ?Act?) is admitted on the following substantial questions of law:- 1. Whether on a true and correct interpretation of the terms of the hire purchase agreement and on the vehicles being registered and also used by the hirer, the assessee can claim depreciation? .

Whether the ITAT erred in law and on merits in allowing depreciation on assets given on hire purchase agreements even though the same were neither owned nor used by the assessee in the course of its business? . Issue notice. Mr. V.N. Jha, learned counsel has entered appearance on behalf of the assessee. . ITA 846/2010 page 2 of 3. . . In view of the aforesaid, no further notice need be issued. Filing of paper book is dispensed with.??? . . CHIEF JUSTICE . . . MANMOHAN, J JULY 14, 2010 js . . . . . . . . . . . . . . . . . . . . . . ITA 846/2010 page3 of 3. . . . 2 $