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J.KATHURIA, V.P.ELHENCE
Income-tax Officer – Appellant
Versus
Jyoti Trading Corpn. – Respondent
Per V.P. Elhence, Judicial Member - 1 to 14 [These paras are not reproduced here As they involved minor issues.]
ITA No. 5677/Del/1988 (Appeal filed by the assessee)
15. The first ground relates to the depreciation claimed by the assessee in the sum of Rs. 14,14,600 in respect of the ship M.V. Jal And Azad. The basic facts in regard to the same are as follows. This ship was originally owned by Scindia Steam Navigation Co. who sold it to M/s. Jaldoot Shipping Pvt. Ltd. for Rs. 74 lakhs. The certificate dated 18-10-1980 of the Mercantile Maine Department, Bombay (Ministry of Transport & Shipping) is to the affect that M/s. Jal Doot Shipping Pvt. Ltd. were the registered owners of M.V. Jal Azad. The Shipping, Carving ad Marking Note issued by the Register of Indian Ships on 2-12-1980, showed that the name of the ship had changed to "Jyoti Vinod. M/s. Jaldoot Shipping Pvt. Ltd. Resolution dated 5-2-1981 that this ship be sold to the assessee for Rs.55.5 lakhs against Rs. 25.5 lakhs down payment and balance of deferred payment for 15 months @ 12 per cent interest Per annum at quarterly rest. The deed of sale for the deal was to be executed on receipt of Rs. 10 lakhs and of the balanc
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