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2019 (9) TMI 1128 - AT - Income TaxClaim of depreciation, interest and maintenance expenses for the BMW car - car in the name of director - allowable business expenditure - HELD THAT:- Assessee has not established that it is owner of the impugned Car and the car was used wholly and exclusively for the purposes of its business. Therefore, on the above facts and circumstances, we hold that the disallowances of depreciation, interest on the car loan and maintenance expenses of the BMW car, made for the assessment years 2013-14 & 2014-15 are justified and hence dismiss the corresponding grounds of appeal of the assessee. Proportionate disallowance of interest on the related party loans - We find that the facts and the figures associated with the issue have not been properly examined by the lower authorities - this issue is remitted back to the AO for a fresh examination. The assessee shall place all the material in support of its contention before the AO and shall comply with his requirements in accordance with the law. The AO shall after affording due opportunity to the assessee shall pass an appropriate order. The corresponding grounds of appeal are treated as allowed for statistical purpose.
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