The Income Tax Appellate Tribunal (ITAT), Pune bench comprising Shri R.S. Syal, Vice President, and Shri S.S. Viswanethra Ravi, Judicial Member has held that a business entity cannot claim depreciation under section 32 of the Income Tax Act, 1961 towards the car gifted by the brother of the Director/Partner. The assessee, Mangesh Krishnath Ekbote, is…
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