TaxTMI 
TaxTMI 
1986 (9) TMI 111
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....rongly held the view in not allowing depreciation on car claimed by the assessee in his original income-tax return. The depreciation on car may be allowed in full as the car has been used for the purpose of running of business. 2. The assessee is an individual. He is a partner in M/s Gupta Construction Co. and M/s Gupta Builders. The accounting period of the assessee for the assessment year und....
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....assessee preferred an appeal before the AAC. It was stated before him that the assessee had withdrawn a sum of Rs. 10,000 on 19th Oct., 1983 from the books of M/s Gupta Construction Co. which was for maintenance and running expenses of the car. The AAC has observed that "I am in agreement with the views of the ITO that the withdrawal of Rs. 10,000 made on 19th Oct., 1983 could not be for the car w....
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....the assessee in the two firms that there were no withdrawals for the running of the car. He further urged that the AAC has not properly appreciated the facts of the case. He further submitted that depreciation was allowable under s. 67 of the Act and in support of this contention relied on the order of the Chandigarh Bench of the Tribunal dt. 30th April, 1982 in ITA No. 63 of 1982 in the case of R....
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....O. As per Appellate order of the AAC the ITO was also not present at the time of hearing of the appeal. The claim of the assessee has, therefore, not been properly appreciated by the lower authorities. The claim of the assessee is that he withdrew Rs. 10,000 on 19th Oct., 1983 a part of which was utilised for the running of the car also. This submission has been rejected by the lower authorities s....