https://www.taxtmi.com/caselaws?id=400658 The Tribunal allowed the appeal, ruling in favor of the assessee, stating that depreciation is permissible under the Income Tax Act regardless of revenue from the hotel business. The Tribunal emphasized the company's continued existence and engagement in other business activities as grounds for depreciation eligibility. The decision overturned the lower authorities' disallowance of depreciation on a motor car used for various business purposes, including Futures & Options operations and business meetings. en-us Mon, 09 Nov 2020 00:00:00 +0530 Thu, 12 Nov 2020 12:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400658 The Tribunal allowed the appeal, ruling in favor of the assessee, stating that depreciation is permissible under the Income Tax Act regardless of revenue from the hotel business. The Tribunal emphasized the company's continued existence and engagement in other business activities as grounds for depreciation eligibility. The decision overturned the lower authorities' disallowance of depreciation on a motor car used for various business purposes, including Futures & Options operations and business meetings. Case-Laws Income Tax Mon, 09 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400658