https://www.taxtmi.com/caselaws?id=66064 The Tribunal upheld the decision to disallow half of the depreciation claimed by the assessee for a motor car, based on the voluntary disallowance of motor car expenses indicating personal use. Regarding the disallowance under section 43B, the Tribunal held that sales-tax collections should be treated as trading receipts and allowed deductions accordingly. The Tribunal emphasized the application of section 43B to determine true profits, even if deductions were not claimed, and considered the retrospective nature of the first proviso to section 43B. The Tribunal partially allowed the appeal, directing specific deductions and emphasizing the importance of accurately computing income. en-us Thu, 11 Jun 1992 00:00:00 +0530 Mon, 21 Feb 2011 11:53:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66064 The Tribunal upheld the decision to disallow half of the depreciation claimed by the assessee for a motor car, based on the voluntary disallowance of motor car expenses indicating personal use. Regarding the disallowance under section 43B, the Tribunal held that sales-tax collections should be treated as trading receipts and allowed deductions accordingly. The Tribunal emphasized the application of section 43B to determine true profits, even if deductions were not claimed, and considered the retrospective nature of the first proviso to section 43B. The Tribunal partially allowed the appeal, directing specific deductions and emphasizing the importance of accurately computing income. Case-Laws Income Tax Thu, 11 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66064