https://www.taxtmi.com/caselaws?id=189095 The Tribunal allowed the appeal, permitting the depreciation claim on vehicles despite being purchased in the Director's name. Relying on the Supreme Court precedent in ICDS Ltd, the Tribunal overturned the disallowance made by the Assessing Officer and upheld by the Ld. CIT(A). The depreciation claim of Rs. 5,12,405 was allowed, emphasizing that ownership by the Director did not preclude the company from claiming depreciation. en-us Tue, 01 Dec 2015 00:00:00 +0530 Wed, 28 Dec 2016 10:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189095 The Tribunal allowed the appeal, permitting the depreciation claim on vehicles despite being purchased in the Director's name. Relying on the Supreme Court precedent in ICDS Ltd, the Tribunal overturned the disallowance made by the Assessing Officer and upheld by the Ld. CIT(A). The depreciation claim of Rs. 5,12,405 was allowed, emphasizing that ownership by the Director did not preclude the company from claiming depreciation. Case-Laws Income Tax Tue, 01 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189095