https://www.taxtmi.com/caselaws?id=768618 ITAT Jaipur allowed the appeal regarding disallowance of interest expenses and depreciation on vehicles registered in directors' names, following SC precedent in Poddar Cement that possession and business use establishes ownership rights. The tribunal deleted additions for interest on loans given, finding no direct nexus established, and disallowed notional income addition on building construction expenditure citing Rajasthan HC decision in Ram Kishan Verma. However, business promotion expenses disallowance was upheld due to cash payments and contrary facts. The 5% salary expenses disallowance was deleted as AO acted on assumptions without rejecting books of account. en-us Wed, 19 Feb 2025 00:00:00 +0530 Tue, 08 Apr 2025 13:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768618 ITAT Jaipur allowed the appeal regarding disallowance of interest expenses and depreciation on vehicles registered in directors' names, following SC precedent in Poddar Cement that possession and business use establishes ownership rights. The tribunal deleted additions for interest on loans given, finding no direct nexus established, and disallowed notional income addition on building construction expenditure citing Rajasthan HC decision in Ram Kishan Verma. However, business promotion expenses disallowance was upheld due to cash payments and contrary facts. The 5% salary expenses disallowance was deleted as AO acted on assumptions without rejecting books of account. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768618