2015 (10) TMI 2722

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..... ering Company v. CIT [2001 (7) TMI 70 - GUJARAT HIGH COURT] where it was held that once the directors of the Assessee company are entitled to use the vehicles of the company for their personal use as per the terms and conditions of their appointment, it cannot be said that the same was a personal expenditure. In other words, it continues to be business expenditure and is not disallowable as such. .....

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..... pugned order, while rejecting the Revenue s contention, relied upon the decision of the Gujarat High Court in Sayaji Iron and Engineering Company v. CIT (2002) 253 ITR 749 (Guj) where it was held that once the directors of the Assessee company are entitled to use the vehicles of the company for their personal use as per the terms and conditions of their appointment, it cannot be said that the same .....

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