https://www.taxtmi.com/caselaws?id=59006 Company-owned cars used by directors were held to give rise to a perquisite in the directors' hands, not an automatic disallowance of motor car expenses or related depreciation in the company's assessment. The Tribunal applied its earlier view and the Madras High Court ruling relied on by the assessee, noting that disallowance was unwarranted in the absence of evidence that statutory limits were exceeded or that the expenditure was not incurred for the company's business. On that basis, the partial disallowance sustained by the lower authorities was rejected and the additions were deleted. en-us Fri, 20 Feb 1981 00:00:00 +0530 Thu, 23 Dec 2010 15:33:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59006 Company-owned cars used by directors were held to give rise to a perquisite in the directors' hands, not an automatic disallowance of motor car expenses or related depreciation in the company's assessment. The Tribunal applied its earlier view and the Madras High Court ruling relied on by the assessee, noting that disallowance was unwarranted in the absence of evidence that statutory limits were exceeded or that the expenditure was not incurred for the company's business. On that basis, the partial disallowance sustained by the lower authorities was rejected and the additions were deleted. Case-Laws Income Tax Fri, 20 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59006