Corporate Ownership of Cars Upheld: Court Rejects Claim of Personal Expenses for Directors' Vehicles Under Company Ownership.

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Full Text of the Document

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....Disallowance of depreciation on car and expenses related to cars which were registered in the name of the directors - the dominion ownership of the car rest with the company. The company being a body corporate is different from the individuals. - In a body corporate there cannot be any element of personal expenses as alleged by the AO - AT....