https://www.taxtmi.com/caselaws?id=36227 Depreciation claimed on company-owned assets placed in the managing director's residence and guest house had to be tested under section 10(4A) of the Indian Income-tax Act, 1922, because that provision restricted allowances for assets used by specified persons where the Income-tax Officer considered the claim excessive or unreasonable in light of business needs and benefit derived. The Tribunal erred by relying only on the general proposition that the accommodation was connected with business and by failing to apply the statutory limitation. The question was answered against the assessee and in favour of the Revenue. en-us Thu, 28 Feb 1980 00:00:00 +0530 Sat, 20 Mar 2010 11:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36227 Depreciation claimed on company-owned assets placed in the managing director's residence and guest house had to be tested under section 10(4A) of the Indian Income-tax Act, 1922, because that provision restricted allowances for assets used by specified persons where the Income-tax Officer considered the claim excessive or unreasonable in light of business needs and benefit derived. The Tribunal erred by relying only on the general proposition that the accommodation was connected with business and by failing to apply the statutory limitation. The question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 28 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36227