interest bearing loans.
Further assessee is claiming that the same loan for which interest
expenditure is claimed was used for advancing the loan to partnership ... payment and receipt. As regards the
disallowance of depreciation on car, interest on car loan and insurance
he has relied upon the orders
Car Loan) 6.00 4.40 7.98 8.38
A/c No.
056400NG00
053639
3 Term Loan ... more Term Loan (Car Loan) facilities of
₹24,69,000/- and ₹22,59,000/-. To secure the
aforesaid Term Loan (Car Loan) facilities the
Corporate
lacs, being the
alleged payment towards the purchase of car/car loan. The assessee was during the
course of assessment proceedings found to have availed ... car
dealer, M/s. Kothari Cars Pvt. Ltd. The ld. CIT(A) found that the car was booked on
28.3.2003, and the car loan
directors, but the cars are used for business purposes of
the assessee and, therefore, depreciation on car, interest on car loan and
expenses ... cars.
Therefore, we direct the assessing officer to allow the depreciation on
cars as claimed by the assessee, interest on car loans and expenses
incurred
accused,
car was purchased in his name. Further, PW.1 admitted that,
Car was purchased by obtaining the Car loan from the TVS
evidence. Further ... March
2015 and accused has purchased the Car by borrowing the
Car loan in the name of the PW.1 in the year 2015 itself
elicited that she purchased the Mercedes Benz car
in the year 2011. She took car loan of Rs.19,00,000/- in ICICI
Bank ... case that at the time of handing over the
car there was balance car loan amount and therefore it could not
be sold. If that
persons dishonestly got triple finance facility on the
said car.
14. That the said car loan was adjusted with PNB,
Anand Vihar branch, New Delhi ... Verma being the Head of the Loan
Department used to process the loan applications for sanction of car
loans and used to recommend to Manager
Loan Dated 03.05.2018 and various other loan documents
in favor of the plaintiff and agreed to repay loan as per sanction letter and
loan agreement ... car loan, but as per contents of RC, HDFC Bank released
this loan amount and the defendant has already settled loan account with
HDFC Bank
papers have
10
been misutilized by Suresh Sehgal to get a car loan and now the
bank has been tormenting me and Suresh has been ... taken any
car loan or personal loan ; that they confronted the accused Suresh
Sehgal who revealed that he had taken a car loan
subsequently the ICICI bank Ltd. declined the application for
grant of car loan of the accused for not being satisfied with the formalities and
thereafter ... culminated in due hypothecation of the car to the ICICI bank, pursuant to the grant
of car loan in favour of accused. Ld. Counsel argued
