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TMI Blog2014 (12) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... ance 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 as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see company for its business purposes, he disallowed the depreciation on both the assets aggregating to ₹ 91,489/-. Ld. Commissioner of Income Tax (Appeals) dismissed the assessee's appeal, inter alia, relying on the decision of Hon'ble Allahabad High Court in the case of additional CIT Vs. United Motors Transport Service Association 190 ITR 13 wherein it has been held that if an asset is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sets in its books of account. The expenditure on running and maintenance of these assets had been incurred by the company. He referred to the decision in the case of CIT Varanasi and another Vs. M/s. Varanasi Auto Sales (Pvt.) Ltd., wherein under the similar circumstances Hon'ble Alahabad High Court relying on the decision in the case of M/s Mysore Minerals Ltd. Vs. CIT Banglore AIR 999 SC 3185 al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Departmental Representative relied on the order of lower revenue authorities. 5. I have considered the submission of both the parties and have perused the record of the case. The facts are not disputed. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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