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TMI Blog2019 (11) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. AO has not found any expenditure debited to the profit and loss account, but it cannot be said that depreciation on the asset is not allowable to the assessee. Assessee is owning an asset, which is used for the purposes of the business of the assessee. AO has presumed that assessee is not using motor car for his business purposes, which cannot be the basis of disallowance of depreciation. Accordingly we direct the learned assessing officer to delete the disallowance of depreciation. Addition being cash deposited in savings bank account - HELD THAT:- We have carefully considered the rival contention and found that assessee has sold his old car for INR 90,000 and has also shown two cash receipts of INR 45,000/ each against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee by: Shri S. P. Gogia, Adv Revenue by: Ms. Rakhi Vimal, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee, who is an individual carrying on the business of trading of tools and hardware etc, against the order of the Commissioner Of Income Tax (Appeals) 16, New Delhi wherein the additions made by the learned Assessing Officer in assessment u/s 143 (3) of The Income Tax Act 1961 passed on 29/2/2016 were confirmed. 2. The assessee filed his return of income declaring total income of INR 581350/ on 30/9/2013 which was assessed by the learned assessing officer u/s 143 (3) of the income tax act on 29/2/2016 at INR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason that assessee should not be allowed depreciation on the car, which is used for the purposes of his business. Merely because assessee has made payment for purchase of car from his personal account does not mean that it is not the business asset of the assessee. Further as the learned assessing officer has not found any expenditure debited to the profit and loss account, but it cannot be said that depreciation on the asset is not allowable to the assessee. The assessee is owning an asset, which is used for the purposes of the business of the assessee. The learned assessing officer has presumed that assessee is not using motor car for his business purposes, which cannot be the basis of disallowance of depreciation. Accordingly we direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the law. Therefore we direct the learned assessing officer to delete the above addition. 6. The 3rd edition is with respect to low household withdrawal of the assessee. The above addition has been made by the learned assessing officer noting that assessee has shown total drawing of INR 190,000/- for the year under assessment. From the perusal of the balance sheet of the assessee the assessee was asked to give the justification for the low withdrawal. The assessee has stated that its family tree consist of himself and his wife and 2 independent children having their own income. However the learned assessing officer made the addition of INR 50,000/- holding that personal and household expenses are INR 20,000/ month amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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