https://www.taxtmi.com/caselaws?id=199127 The ITAT allowed the appellant's claim for depreciation on vehicles registered in directors' names but owned and used by the company for business purposes. The judgment emphasized the company's financial ownership and control over the assets, disregarding registration details. The decision was supported by precedents from Pune and Mumbai Tribunals, consistent with allowing depreciation claims in similar cases. The ITAT reversed the CIT(A)'s decision, directing the Assessing Officer to permit the depreciation claim on the vehicles. en-us Thu, 30 Apr 2015 00:00:00 +0530 Wed, 21 Feb 2018 06:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199127 The ITAT allowed the appellant's claim for depreciation on vehicles registered in directors' names but owned and used by the company for business purposes. The judgment emphasized the company's financial ownership and control over the assets, disregarding registration details. The decision was supported by precedents from Pune and Mumbai Tribunals, consistent with allowing depreciation claims in similar cases. The ITAT reversed the CIT(A)'s decision, directing the Assessing Officer to permit the depreciation claim on the vehicles. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199127