Use of vehicles by directors/employees cannot be treated as personal use by company

Pushpak Steel Industries Private Limited Vs ACIT (ITAT Pune)

The issue in appeal relates to disallowance of car expenses incurred by the assessee, a Private Limited company, towards personal use by the Directors.

Assessee company had two vehicles appearing in its balance sheet, which were used by the directors-employees for the business purpose. The assessee claimed deduction of depreciation, interest and maintenance amounting on these vehicles. In the absence of the assessee furnishing the log books, the AO ma

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