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TMI Blog2019 (1) TMI 1816X X X X Extracts X X X X X X X X Extracts X X X X ..... lowance u/s. 38(2) of the Act. The very fact that he allowed depreciation @ 50% of the amount claimed on cars goes to prove that he accepted the ownership of cars in the name of the assessee company. Hon ble Gujarat High Court in Sayaji Iron and Engineering Company [ 2001 (7) TMI 70 - GUJARAT HIGH COURT] has held that there cannot be any disallowance of personal expenses for cars on account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, VP : This appeal filed by the assessee arises out of the order passed by the CIT(A)-1, Pune on 16-01-2017 in relation to the assessment year 2012-13. 2. The only issue raised in this appeal is against confirmation of disallowance of ₹ 2,08,267/-, being, depreciation on cars for personal use by the directors of the assessee company. 3. Briefly stated, the facts of the case are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee company. 5. Now turning to the disallowance on account of personal use of cars u/s. 38(2) of the Act, we find that the assessee is a Private Limited Company. There is no dearth of judicial precedents holding that there cannot be any disallowance of expenses in the hands of company on account of personal use even by its Directors. The Hon ble Gujarat High Court in Sayaji Iron and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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