Trucks Registered In Partners' Names Still Eligible For Depreciation; ITAT Upholds Relief To Surat Road King In Income Tax Appeal

ITAT allowed depreciation claims for trucks registered in partners’ names, granting relief to Surat Road King. The decision clarifies that ownership for tax depreciation purposes is valid if partners effectively utilize the assets in business operations. This judgment guides taxpayers on claiming capital expenditure benefits, reinforcing the principles of substance over form in Income Tax law and providing clarity for businesses structured as partnerships.