https://www.taxtmi.com/caselaws?id=199107 Commercial ownership and use, rather than mere registration, determine whether depreciation is available on a vehicle; where a car registered in a director's name was acquired and used by the company for business, the depreciation disallowance was not sustained. Share transactions are characterised on the totality of circumstances, including book treatment, funding source, transaction pattern and business profile; shares shown as investments and incidental to the main business were treated as short-term capital gains, except for an isolated same-day trade taxed as business income. Travelling and conveyance expenses may be disallowed only on a reasonable basis after examining the nature of expenditure and business context, and the restricted disallowance was upheld. en-us Tue, 31 May 2011 00:00:00 +0530 Tue, 20 Feb 2018 14:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199107 Commercial ownership and use, rather than mere registration, determine whether depreciation is available on a vehicle; where a car registered in a director's name was acquired and used by the company for business, the depreciation disallowance was not sustained. Share transactions are characterised on the totality of circumstances, including book treatment, funding source, transaction pattern and business profile; shares shown as investments and incidental to the main business were treated as short-term capital gains, except for an isolated same-day trade taxed as business income. Travelling and conveyance expenses may be disallowed only on a reasonable basis after examining the nature of expenditure and business context, and the restricted disallowance was upheld. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199107