https://www.taxtmi.com/caselaws?id=376870 Depreciation on vehicles purchased by the assessee remained allowable where payment was made by the assessee, the vehicles were used for business, and registration in directors' names did not defeat beneficial ownership. Labour charges were not liable to disallowance when supported by bills, confirmations and ledger particulars, and the Revenue failed to identify a specific defect. Section 14A read with rule 8D did not apply in the absence of exempt income. Interest disallowance was unwarranted where the assessee's own funds exceeded the interest-free advance, supporting the presumption that the advance came from those funds. Ad hoc labour disallowance could not stand on suspicion alone. en-us Fri, 01 Mar 2019 00:00:00 +0530 Sat, 30 Mar 2019 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376870 Depreciation on vehicles purchased by the assessee remained allowable where payment was made by the assessee, the vehicles were used for business, and registration in directors' names did not defeat beneficial ownership. Labour charges were not liable to disallowance when supported by bills, confirmations and ledger particulars, and the Revenue failed to identify a specific defect. Section 14A read with rule 8D did not apply in the absence of exempt income. Interest disallowance was unwarranted where the assessee's own funds exceeded the interest-free advance, supporting the presumption that the advance came from those funds. Ad hoc labour disallowance could not stand on suspicion alone. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376870