9911796707
TMI Blog2015 (12) TMI 1618X X X X Extracts X X X X X X X X Extracts X X X X ..... : This appeal by the assessee is preferred against the order of the Ld. CIT(A)-8, Mumbai dated 27.8.2013 pertaining to Assessment year 2010-11. 2. The sole grievance of the assessee relates to the disallowance of depreciation claimed on motor car on the alleged ground that vehicles were not registered in the name of the company. 3. While scrutinizing the return of income for the year under con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vour with the AO who was of the firm belief that ownership is a must for the claim of depreciation and accordingly disallowed the depreciation on motor vehicle. 4. The assessee carried the matter before the Ld. CIT(A) but without any success. 5. Before us, the Ld. Counsel for the assessee stated that an identical issue was considered by the Tribunal in the case of M/s. Padmshree Weaving & Mfg. M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed the decision of the Hon'ble Supreme Court in the case of ICDS Ltd (supra). Respectfully following the law upheld by the Hon'ble Supreme Court, we hold that the assessee is entitled for claim of depreciation on the vehicles used by it even though it has been purchased in the name of the Director. We, therefore, set aside the findings of the Ld. CIT(A) and direct the AO to allow the claim of dep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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