https://www.taxtmi.com/caselaws?id=446343 ITAT Ahmedabad allowed the assessee company's appeal regarding vehicle expenses disallowance. The tribunal held that expenditure on vehicles used by directors constitutes business expenditure under Companies Act sections 198 and 309, not personal use, as a limited company cannot have personal use being an inanimate entity. Following Sayaji Iron Engg. Co. precedent, the disallowance was deleted. For section 14A disallowance, interest expenses were not disallowed as the company had sufficient own funds exceeding investments. Administrative expenses disallowance was restricted to Rs. 10,13,915 under rule 8D calculations. en-us Wed, 11 Oct 2023 00:00:00 +0530 Thu, 30 Nov 2023 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446343 ITAT Ahmedabad allowed the assessee company's appeal regarding vehicle expenses disallowance. The tribunal held that expenditure on vehicles used by directors constitutes business expenditure under Companies Act sections 198 and 309, not personal use, as a limited company cannot have personal use being an inanimate entity. Following Sayaji Iron Engg. Co. precedent, the disallowance was deleted. For section 14A disallowance, interest expenses were not disallowed as the company had sufficient own funds exceeding investments. Administrative expenses disallowance was restricted to Rs. 10,13,915 under rule 8D calculations. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446343