In the result, appeal filed by the Revenue is dismissed
Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr
133 ITR 884 (Guj) wherein it is held that depreciation is allowable when assessee has started its business, only then assessee can claim the depreciation. The learned CIT.D.R. also cited a judgment of Hon’ble Bombay High Court, Nagpur Bench in case of Dineshkumar Gulabchand Agrawal [2004] 141 TAXMAN 62 (Bom.) wherein it is held that: “If the vehicle