https://www.taxtmi.com/caselaws?id=254760 The Assessee appealed against the disallowance of depreciation claimed on a car and TV owned by directors but used by the company. The ITAT held that if assets were funded by the company and reflected in its balance sheet, the company could be considered the de facto owner, allowing depreciation claims. The decision aligned with previous rulings, granting the Assessee's appeal for depreciation on the assets in question. en-us Tue, 24 Jun 2014 00:00:00 +0530 Tue, 30 Dec 2014 21:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254760 The Assessee appealed against the disallowance of depreciation claimed on a car and TV owned by directors but used by the company. The ITAT held that if assets were funded by the company and reflected in its balance sheet, the company could be considered the de facto owner, allowing depreciation claims. The decision aligned with previous rulings, granting the Assessee's appeal for depreciation on the assets in question. Case-Laws Income Tax Tue, 24 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254760