Case Law Details
Case Name : Gold Finch Jewellery Ltd. Vs D.C.I.T. (ITAT Ahmedabad)
Related Assessment Year : 2009-2010 & 2012-2013
Courts :
All ITAT ITAT Ahmedabad
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Gold Finch Jewellery Ltd. Vs D.C.I.T. (ITAT Ahmedabad)
In the instant case, the depreciation claimed on the vehicles, i.e. cars and two-wheelers was disallowed by the AO on account of two reasons. Firstly, the assessee was not the owner of the assets, and secondly, the assessee failed to establish that the assets were used for the business. The learned CIT (A) subsequently confirmed the action of the AO.
Regarding the ownership of the assets, we note that the beneficial ownership vest with
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