IN THE HIGH COURT OF DELHI AT NEW DELHI 
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         ITA 832/2010  
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 THE COMMISSIONER OF INCOME TAX            ..... Appellant 
 Through: Ms. Rashmi Chopra, Advocate. 
 . 
 versus 
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 V.L.S.FINANCE LTD.                                              ..... 
 Respondent 
 Through: Mr. V.N. Jha, Advocate 
 . 
 CORAM: 
 HON'BLE THE CHIEF JUSTICE 
 HON'BLE MR. JUSTICE MANMOHAN 
 . 
 O R D E R 
                        14.07.2010 
 CM No.11721/2010 (exemption) 
 Allowed, subject to all just exceptions. 
 Accordingly, application stands disposed of. 
 CM No. 11722/2010 (condonation of delay) 
 This is an application for condonation of delay of 176 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 
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 ITA 832/2010                                                        page 1 of 3. 
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 of  the considered opinion that there  is   sufficient cause warranting 
 condonation of delay and accordingly, delay of 176 days in refiling the appeal 
 stands condoned. 
 Accordingly, application stands disposed of. 
 . 
 ITA 832/2010 
 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? 
 . 
 2. 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. 
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 ITA 832/2010                                                        page 2 of 3. 
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 In view of the aforesaid, no further notice need to be issued. 
 Filing of paper book is dispensed with.??? 
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 CHIEF JUSTICE 
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 MANMOHAN, J 
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 JULY 14, 2010 
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 ITA 832/2010                                                        page 3 of 3. 
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