https://www.taxtmi.com/caselaws?id=420493 The Tribunal upheld the decision to disallow depreciation on a Speed Boat claimed by the assessee, emphasizing the lack of evidence supporting business use. Despite some years of depreciation allowance, inconsistency in evidence led to the dismissal of the appeal. The argument that personal use was inapplicable to a company was rejected, as the assessee failed to prove business use. Financial parameters were deemed irrelevant without evidence. The Tribunal concluded that for depreciation allowance, the asset must be owned and used for business purposes, ultimately dismissing the appeal. en-us Mon, 21 Mar 2022 00:00:00 +0530 Mon, 04 Apr 2022 09:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420493 The Tribunal upheld the decision to disallow depreciation on a Speed Boat claimed by the assessee, emphasizing the lack of evidence supporting business use. Despite some years of depreciation allowance, inconsistency in evidence led to the dismissal of the appeal. The argument that personal use was inapplicable to a company was rejected, as the assessee failed to prove business use. Financial parameters were deemed irrelevant without evidence. The Tribunal concluded that for depreciation allowance, the asset must be owned and used for business purposes, ultimately dismissing the appeal. Case-Laws Income Tax Mon, 21 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420493