https://www.taxtmi.com/caselaws?id=59003 Declared branch profit was not to be mechanically enhanced where the lower result was explained by proven flood damage causing business loss, and the estimated addition was therefore deleted. Depreciation on a Jeep was also held allowable because the vehicle had been purchased and paid for by the assessee, insurance stood in his name, and beneficial ownership was proved; later registration under the Motor Vehicles Act did not by itself defeat the claim. The commentary thus states that an evidenced business loss can rebut profit estimation, and that depreciation depends on substantive ownership rather than timing of formal registration. en-us Thu, 19 Jun 1980 00:00:00 +0530 Thu, 23 Dec 2010 15:29:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59003 Declared branch profit was not to be mechanically enhanced where the lower result was explained by proven flood damage causing business loss, and the estimated addition was therefore deleted. Depreciation on a Jeep was also held allowable because the vehicle had been purchased and paid for by the assessee, insurance stood in his name, and beneficial ownership was proved; later registration under the Motor Vehicles Act did not by itself defeat the claim. The commentary thus states that an evidenced business loss can rebut profit estimation, and that depreciation depends on substantive ownership rather than timing of formal registration. Case-Laws Income Tax Thu, 19 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59003