https://www.taxtmi.com/caselaws?id=260785 The tribunal allowed the depreciation claim on the motor car for AYs 2006-07 and 2007-08, considering the car effectively owned by the company. Motor car expenses disallowed by the AO for AY 2006-07 were also permitted based on ownership findings. However, the treatment of the business loss on the sale of the basement office as a short-term capital loss was upheld. Disallowance of PF contribution due to late deposit for AY 2007-08 was confirmed. The tribunal directed the correct treatment of depreciation on buildings and classification of lease rental income as business income, partially allowing both appeals. en-us Fri, 29 May 2015 00:00:00 +0530 Wed, 24 Jun 2015 09:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260785 The tribunal allowed the depreciation claim on the motor car for AYs 2006-07 and 2007-08, considering the car effectively owned by the company. Motor car expenses disallowed by the AO for AY 2006-07 were also permitted based on ownership findings. However, the treatment of the business loss on the sale of the basement office as a short-term capital loss was upheld. Disallowance of PF contribution due to late deposit for AY 2007-08 was confirmed. The tribunal directed the correct treatment of depreciation on buildings and classification of lease rental income as business income, partially allowing both appeals. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260785