https://www.taxtmi.com/caselaws?id=61381 The Tribunal directed a fresh determination in a tax case where the Assessing Officer disallowed depreciation on a car, stating it was not used for business based on insufficient evidence. The Appellate Authority upheld this decision, but the Tribunal found errors in the assessment, emphasizing the need to consider overall financial records to validate the depreciation claim and assess the availability of funds for business use of the car. The Tribunal also criticized the failure to appreciate all facts and ordered a reevaluation for a comprehensive decision. en-us Mon, 29 Sep 1986 00:00:00 +0530 Wed, 12 Jan 2011 14:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61381 The Tribunal directed a fresh determination in a tax case where the Assessing Officer disallowed depreciation on a car, stating it was not used for business based on insufficient evidence. The Appellate Authority upheld this decision, but the Tribunal found errors in the assessment, emphasizing the need to consider overall financial records to validate the depreciation claim and assess the availability of funds for business use of the car. The Tribunal also criticized the failure to appreciate all facts and ordered a reevaluation for a comprehensive decision. Case-Laws Income Tax Mon, 29 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61381