https://www.taxtmi.com/caselaws?id=330140 The Tribunal allowed the appeal of the assessee, concluding that the disallowance of depreciation on cars purchased during the year was not justified. The Tribunal held that ownership and business use were established by the company, despite the cars being registered in the names of the Directors. The decision was based on precedents and the factual matrix of the case, supporting the appellant's claim for depreciation. The issues of alleged breach of law, interest levying under sections 234A/B/C/D, and initiation of penalty under section 271(1)(c) were not separately addressed in detail by the Tribunal. en-us Fri, 10 Jun 2016 00:00:00 +0530 Tue, 19 Jul 2016 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330140 The Tribunal allowed the appeal of the assessee, concluding that the disallowance of depreciation on cars purchased during the year was not justified. The Tribunal held that ownership and business use were established by the company, despite the cars being registered in the names of the Directors. The decision was based on precedents and the factual matrix of the case, supporting the appellant's claim for depreciation. The issues of alleged breach of law, interest levying under sections 234A/B/C/D, and initiation of penalty under section 271(1)(c) were not separately addressed in detail by the Tribunal. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330140