https://www.taxtmi.com/caselaws?id=296361 The Tribunal ruled in favor of the assessee, allowing the claim for depreciation on a car purchased with company funds and reflected as an asset in its balance sheet. Despite lack of evidence on business use, ownership by the company and fulfillment of section 32 conditions warranted the depreciation deduction. The previous year's allowance of depreciation by the CIT(A) further supported the decision. The disallowance of Rs. 50,260 was overturned, and the assessee's appeal was successful. en-us Fri, 06 Jul 2012 00:00:00 +0530 Fri, 16 Jul 2021 14:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296361 The Tribunal ruled in favor of the assessee, allowing the claim for depreciation on a car purchased with company funds and reflected as an asset in its balance sheet. Despite lack of evidence on business use, ownership by the company and fulfillment of section 32 conditions warranted the depreciation deduction. The previous year's allowance of depreciation by the CIT(A) further supported the decision. The disallowance of Rs. 50,260 was overturned, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296361