https://www.taxtmi.com/caselaws?id=417857 The Tribunal ruled in favor of the appellant, allowing depreciation and interest claims for cars used by directors, despite registration in the director's name. Disallowance of extended warranty payment and difference as per 26AS was dismissed. The Tribunal directed the Assessing Officer to delete the disallowed depreciation and interest amount, emphasizing the distinction between vehicle ownership under the Motor Vehicle Act and for tax purposes under the Income Tax Act. The judgment aligned with legal precedents supporting depreciation claims based on company ownership and business use, partially allowing the appeal. en-us Tue, 25 Jan 2022 00:00:00 +0530 Thu, 03 Feb 2022 07:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417857 The Tribunal ruled in favor of the appellant, allowing depreciation and interest claims for cars used by directors, despite registration in the director's name. Disallowance of extended warranty payment and difference as per 26AS was dismissed. The Tribunal directed the Assessing Officer to delete the disallowed depreciation and interest amount, emphasizing the distinction between vehicle ownership under the Motor Vehicle Act and for tax purposes under the Income Tax Act. The judgment aligned with legal precedents supporting depreciation claims based on company ownership and business use, partially allowing the appeal. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417857