DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

depreciation of Rs. 12.72 lacs and Insurance expenses of Rs.1.50 lacs pertaining to cars which were not owned by the assessee and no evidence of exclusive usage for the purpose of business was produced. The provisions of sections 32(1) and 36(1)(i) were thus not satisfied. ' 2.The CIT(A) has overlooked the findings/reasoning in the assessment order

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for