2014 (12) TMI 1103

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....appeal has been filed by Assessee against the order of Ld. CIT(A) VIII, New Delhi, dated 22rd March 2013, for A. Y 2007-08. 2. Brief facts of the case are that assessee, had filed its return of income declaring total income of Rs. nil. The Assessing Officer noticed that the assessee company was incorporated on 16th June, 2004 with the view to carry on the business of designing and executing the....

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....ssets were owned by the Directors and since there were no evidences on record to show that they had been used for the purpose of business of company, therefore, no depreciation was allowed. 3. Being aggrieved with the order of Ld. Commissioner of Income Tax (Appeals), the assessee is in appeal before me and has taken the ground whether the depreciation is to be allowed on the assets, used by th....

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....f the Directors just for the convenience and the funds have been invested by the assessee-company and the higher rents received on such trucks have been credited by the company in their account and such receipts have been taxed by the department and the company was the de facto owner of such trucks. The aforesaid finding of the Tribunal has not been challenged by the department." 4. He, therefo....