https://www.taxtmi.com/caselaws?id=199104 Depreciation on a motor car depends on the assessee's ownership and business use of the asset, and registration under the Motor Vehicles Act does not by itself negate ownership. Where the company paid the purchase consideration and used the vehicle for business, the fact that it stood in the director's name in the registration records could not justify disallowance. The same reasoning applied to interest on the loan taken to acquire the vehicle. The disallowances of depreciation and interest were therefore deleted. en-us Mon, 04 Mar 2013 00:00:00 +0530 Tue, 20 Feb 2018 13:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199104 Depreciation on a motor car depends on the assessee's ownership and business use of the asset, and registration under the Motor Vehicles Act does not by itself negate ownership. Where the company paid the purchase consideration and used the vehicle for business, the fact that it stood in the director's name in the registration records could not justify disallowance. The same reasoning applied to interest on the loan taken to acquire the vehicle. The disallowances of depreciation and interest were therefore deleted. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199104