https://www.taxtmi.com/caselaws?id=126824 The Appellate Tribunal overturned the disallowance of depreciation on a vehicle by the Assessing Officer and CIT(A). The Tribunal considered the ownership broadly, focusing on the entity benefiting from the property rather than just legal ownership. It noted the evidence of business use presented by the assessee, including petrol and diesel expenses. The Tribunal allowed the depreciation claim, emphasizing the broader interpretation of ownership for depreciation purposes. As a result, the assessee's appeal was successful, and the disallowance of depreciation on the vehicle was overturned. en-us Fri, 19 Nov 2010 00:00:00 +0530 Thu, 24 Jan 2013 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126824 The Appellate Tribunal overturned the disallowance of depreciation on a vehicle by the Assessing Officer and CIT(A). The Tribunal considered the ownership broadly, focusing on the entity benefiting from the property rather than just legal ownership. It noted the evidence of business use presented by the assessee, including petrol and diesel expenses. The Tribunal allowed the depreciation claim, emphasizing the broader interpretation of ownership for depreciation purposes. As a result, the assessee's appeal was successful, and the disallowance of depreciation on the vehicle was overturned. Case-Laws Income Tax Fri, 19 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126824