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Disallowance of depreciation on new Honda City car - The Tribunal observed that the appellant had purchased the vehicle and got it insured on 30.09.2009, which was treated as being "put to use." It emphasized that the degree of utilization of assets should not be considered while determining whether the asset is put to use. The Tribunal referred to relevant CBDT notifications and concluded that the appellant was entitled to claim depreciation on the vehicle.
Disallowance of depreciation on new Honda City car - The Tribunal observed that the appellant had purchased the vehicle and got it insured on 30.09.2009, which was treated as being "put to use." It emphasized that the degree of utilization of assets should not be considered while determining whether the asset is put to use. The Tribunal referred to relevant CBDT notifications and concluded that the appellant was entitled to claim depreciation on the vehicle.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
