lease amount and prepayment charges, as per
the rules of the leasing company, directly to the leasing
company and produce an NOC from the leasing ... lease period he/she could pay
the outstanding lease amount directly to the leasing company and produce an
NOC from the leasing company to respondent
assessee company
also claimed depreciation on the leased cars. The cars were leased by the
assessee company to its associated concerns and not to outsiders ... assessee company has claimed depreciation on cars @ 20% on the old
cars which were given on lease and the assessee company has claimed
depreciation
part of the car maintenance expenses, the Assessing Officer disallowed Rs. 42,478 being 20 per cent of car lease rent ... sustaining the disallowance of Motor Car upkeep expenses Rs. 42,478 being 20 per cent of Car lease on rental
denied the same. He stated that, "as per the company car lease policy,
salary is not reimbursed." The witness undertook to place ... providing of cars to its senior officials, namely Executive Directors
and the Chairman. It is an admitted fact that such cars are leased
this issue is that the ld AO observed that depreciation on leased
cars amounting to Rs. 49,78,576/- was claimed by the assessee ... together with copies of the lease agreement. The ld AO
disallowed the depreciation on leased cars amounting to Rs. 49,78,576/- in the assessment
same as maintenance of motor cars and hence, no part of the car lease could be disallowed. On the issue of working ... consideration of one-third of salary of car driver, car expenses and the expenses on leased flat, because, the assessee had not insisted upon
company for use of company vehicles.
7.0 Disallowance out of Lease Rent on Cars - Rs.92,399/-
The learned CIT (A) erred in disallowing ... lease rent on cars was in the same line, wherein
leased cars were being used by the Executives and employees. We hold that
there
within 3-4
days from the date of execution of the car lease agreement.
Now, it has been admitted by the accused that ... payment allegedly due to the
complainant in respect of the car lease agreement.
11. If it is the case of the accused that the complainant
registered owner of the vehicle. It had by an agreement leased the car to the .fourth respondent in February, 3970. When the car was under ... fifth respondents, namely, the person who had taken the car on lease and the person to whom the car was hired on the date
stated his defence very specifically that he obtained
complainant's car on lease and at that time the accused has issued 6
signed blank ... year 2015 he has
taken the complainant's car on lease. To prove alleged car
transaction the accused has not produced any documents. Further
