2012 (10) TMI 1172

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....any was out of station and hence was not able to sign the appeal paper in time and due to this there was a delay in filing the appeal and in support, affidavit of Mr. Anand Khemka was also filed. 3. On the other hand, the ld. D.R. did not seriously object to the condonation of delay. 4. After hearing the rival parties and perusing the material on record and in the absence of any contrary material placed on record by the Revenue, we are satisfied that there was a reasonable cause in filing of the appeal late and, hence, we condone the delay and admit the appeal. 5. Briefly stated facts of the case are that the assessee company is engaged in the business as distributor of publication of Times of India group. During the course of assessment....

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....n resulting into enhancement of income of the assessee. 6. Being aggrieved by the order of the ld. CIT(A) the assessee is in appeal before us taking the following ground of appeal:- "The Learned CIT(A) has erred in confirming the disallowance the depreciation on motor car and enhancing the disallowance from 25% of total depreciation as disallowed by A.O. to 100% of depreciation on motor car on the ground that the motor car is registered in the name of the director though all the payment towards cost of the car is paid by company." 7. At the time of hearing the ld. Counsel for the assessee submits that there is no dispute that the assessee company has made the payment for purchase of the car for Rs. 9,50,000/- which has been shown by the ....

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....otor Vehicles Act is not an essential prerequisite for the acquisition of ownership of the motor vehicle but is an obligation cast upon an owner of the vehicle for the purpose of running the vehicles in any public place. From a plain reading of section 31 of the Motor Vehicles Act, 1939 (corresponding to section 50 of the Motor Vehicles Act, 1988), it is clear that the section does not deal with transfer of ownership of any motor vehicle nor does it impose any restriction on transfer of such ownership. It simply obligates the transferor and the transferee to report within the specified time from the date of transfer the fact of transfer to the registering authority. This section, in fact, presupposes transfer of ownership of a motor vehicl....