Depreciation Claim Valid for New Honda City: Tribunal Confirms Asset Use Status Despite Limited Utilization.

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....Disallowance of depreciation on new Honda City car - The Tribunal observed that the appellant had purchased the vehicle and got it insured on 30.09.2009, which was treated as being "put to use." It emphasized that the degree of utilization of assets should not be considered while determining whether the asset is put to use. The Tribunal referred to relevant CBDT notifications and concluded that the appellant was entitled to claim depreciation on the vehicle.....