Held that the assessee was beneficial owner of cars as it has made payment for acquisition of cars and hence was entitled to claim depreciation and other expenses on cars registered in name of directors. (AY. 2011-12)
PCIT v. Asian Mills (P.) Ltd. [2022] 285 Taxman 422 (Guj.)(HC)
S. 32 : Depreciation-Beneficial owner-Car registered in the name of Director-Depreciation, TRO expenses and insurance chrges are allowable as business expenditure. [S. 37(1)]