https://www.taxtmi.com/caselaws?id=436527 The Tribunal allowed the appeals for both assessment years, directing the AO to delete the disallowed amounts of depreciation and expenses incurred on the luxury sports car. The decision was based on the finding that the car was used for business purposes and the legal principle that a company cannot have personal use of its assets. en-us Thu, 20 Oct 2022 00:00:00 +0530 Sat, 15 Apr 2023 08:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436527 The Tribunal allowed the appeals for both assessment years, directing the AO to delete the disallowed amounts of depreciation and expenses incurred on the luxury sports car. The decision was based on the finding that the car was used for business purposes and the legal principle that a company cannot have personal use of its assets. Case-Laws Income Tax Thu, 20 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436527