https://www.taxtmi.com/caselaws?id=199103 Depreciation on motor cars was held allowable where the assessee proved that the cars were purchased from its own funds, reflected in its balance sheet and gross block, and used for business. Registration in the director's name did not defeat the claim because beneficial ownership, not motor vehicle registration alone, is material for depreciation, and non-transfer under registration law does not negate ownership where the asset is otherwise owned and used by the company. On those facts, depreciation could not be denied, and the Revenue's attempt to enhance the disallowance to 100% was not sustainable. en-us Wed, 17 Oct 2012 00:00:00 +0530 Fri, 09 Mar 2018 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199103 Depreciation on motor cars was held allowable where the assessee proved that the cars were purchased from its own funds, reflected in its balance sheet and gross block, and used for business. Registration in the director's name did not defeat the claim because beneficial ownership, not motor vehicle registration alone, is material for depreciation, and non-transfer under registration law does not negate ownership where the asset is otherwise owned and used by the company. On those facts, depreciation could not be denied, and the Revenue's attempt to enhance the disallowance to 100% was not sustainable. Case-Laws Income Tax Wed, 17 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199103