https://www.taxtmi.com/caselaws?id=16977 The court held that if a company's asset, such as cars, is used for personal purposes of directors, the claimed expenditure or depreciation must consider section 40(c) provisions. It emphasized compliance with section 40(c) for both expenditure and depreciation claims, affirming the Department's position. The court clarified that depreciation allowance falls within the limit on expenditure under sections 40(a)(v) and 40A(5)(a)(ii), necessitating adherence to section 40(c) when assets are used for personal purposes. en-us Tue, 26 Mar 1996 00:00:00 +0530 Mon, 14 Sep 2009 13:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16977 The court held that if a company's asset, such as cars, is used for personal purposes of directors, the claimed expenditure or depreciation must consider section 40(c) provisions. It emphasized compliance with section 40(c) for both expenditure and depreciation claims, affirming the Department's position. The court clarified that depreciation allowance falls within the limit on expenditure under sections 40(a)(v) and 40A(5)(a)(ii), necessitating adherence to section 40(c) when assets are used for personal purposes. Case-Laws Income Tax Tue, 26 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16977