https://www.taxtmi.com/caselaws?id=450085 ITAT Ahmedabad allowed the assessee's appeal regarding depreciation on a car purchased in the director's name. The AO had disallowed 15% depreciation claiming the asset didn't belong to the company, while allowing interest and insurance deductions. The Tribunal held that since the car purchase was recorded in company books and used for business purposes, depreciation cannot be denied. The decision was supported by precedents from Gujarat HC in Asian Mills case and SC in Mysore Minerals Ltd case, establishing that commercial use justifies depreciation claims. en-us Fri, 23 Feb 2024 00:00:00 +0530 Tue, 27 Feb 2024 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450085 ITAT Ahmedabad allowed the assessee's appeal regarding depreciation on a car purchased in the director's name. The AO had disallowed 15% depreciation claiming the asset didn't belong to the company, while allowing interest and insurance deductions. The Tribunal held that since the car purchase was recorded in company books and used for business purposes, depreciation cannot be denied. The decision was supported by precedents from Gujarat HC in Asian Mills case and SC in Mysore Minerals Ltd case, establishing that commercial use justifies depreciation claims. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450085