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The assessee was allowed to claim depreciation on assets held in the name of directors, based on the principle of beneficial ownership recognized by the Supreme Court. The assessee had possession, control, and dominion over the assets used for business purposes, satisfying the broader interpretation of "owner" u/s 32. The Tribunal also deleted the 20% disallowance of expenses by the Assessing Officer, citing lack of concrete evidence and justification through increased turnover and consistent profit margins. Regarding the protective addition u/s 68 for unsecured loans, the Tribunal noted the assessee's substantial evidence establishing identity, creditworthiness, and genuineness. The Assessing Officer's failure to conduct further investigations rendered the protective addition unjustified. The Tribunal allowed the assessee's appeal on all grounds, emphasizing the principles of beneficial ownership, evidence-based disallowances, and substantive assessments preceding protective assessments.
The assessee was allowed to claim depreciation on assets held in the name of directors, based on the principle of beneficial ownership recognized by the Supreme Court. The assessee had possession, control, and dominion over the assets used for business purposes, satisfying the broader interpretation of "owner" u/s 32. The Tribunal also deleted the 20% disallowance of expenses by the Assessing Officer, citing lack of concrete evidence and justification through increased turnover and consistent profit margins. Regarding the protective addition u/s 68 for unsecured loans, the Tribunal noted the assessee's substantial evidence establishing identity, creditworthiness, and genuineness. The Assessing Officer's failure to conduct further investigations rendered the protective addition unjustified. The Tribunal allowed the assessee's appeal on all grounds, emphasizing the principles of beneficial ownership, evidence-based disallowances, and substantive assessments preceding protective assessments.
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