https://www.taxtmi.com/caselaws?id=64352 The Tribunal, by majority decision, ruled in favor of the assessee, allowing the depreciation claim on the foreign-made car under section 32(1) proviso of the Income-tax Act. The majority held that the car was primarily used for the hotel business and not for running on hire for tourists, as the nominal receipts from car hire did not establish a separate business of running cars on hire. However, a dissenting opinion by the Judicial Member supported the assessee's claim, citing specific licensing for tourist use and the application of Board Circular No. 609. The Third Member also sided with the Judicial Member, emphasizing the consistent past depreciation claims and the car's intended use for tourists. en-us Mon, 24 Mar 2008 00:00:00 +0530 Thu, 26 Jul 2012 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64352 The Tribunal, by majority decision, ruled in favor of the assessee, allowing the depreciation claim on the foreign-made car under section 32(1) proviso of the Income-tax Act. The majority held that the car was primarily used for the hotel business and not for running on hire for tourists, as the nominal receipts from car hire did not establish a separate business of running cars on hire. However, a dissenting opinion by the Judicial Member supported the assessee's claim, citing specific licensing for tourist use and the application of Board Circular No. 609. The Third Member also sided with the Judicial Member, emphasizing the consistent past depreciation claims and the car's intended use for tourists. Case-Laws Income Tax Mon, 24 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64352