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2014 (12) TMI 1103 - ITAT DELHIDisallowance of depreciation - Goods not used by the assessee company for its business purposes - Held that:- The car and TV was in the name of Director but was appearing in the balance sheet of company. Thus, the funds of company were utilized for acquiring these assets though in the name of Director. I find that this issue is squarely covered by the decision of Hon’ble Allahabad High Court in the case of M/s Varanasi Auto Sales Pvt. Ltd. (2010 (1) TMI 19 - ALLAHABAD HIGH COURT), and, therefore, Assessee was entitled for depreciation on TV and Car. - Decided in favour of assesse.
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