https://www.taxtmi.com/caselaws?id=59253 The ITAT allowed the appeal partly for the assessment years 1976-77, 1977-78, and 1978-79. It considered non-business use due to directors having personal cars and allowed 1/10th of the claim for depreciation to cover non-business use. The disallowance of motor car expenses and depreciation for the assessment year 1977-78 was restricted to 1/10th of the total claim. The disallowance of interest under section 40A(8) for the assessment year 1977-78 was deleted as the business fell under the definition of a "Financial Company." The disallowance of depreciation for the assessment year 1978-79 was reduced to 1/10th of the total claim. en-us Wed, 25 Feb 1981 00:00:00 +0530 Mon, 27 Dec 2010 15:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59253 The ITAT allowed the appeal partly for the assessment years 1976-77, 1977-78, and 1978-79. It considered non-business use due to directors having personal cars and allowed 1/10th of the claim for depreciation to cover non-business use. The disallowance of motor car expenses and depreciation for the assessment year 1977-78 was restricted to 1/10th of the total claim. The disallowance of interest under section 40A(8) for the assessment year 1977-78 was deleted as the business fell under the definition of a "Financial Company." The disallowance of depreciation for the assessment year 1978-79 was reduced to 1/10th of the total claim. Case-Laws Income Tax Wed, 25 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59253