Pawan Edifice Pvt. Ltd.,Vadodara vs The Dy.Cit, Circle-2(1)(2), Vadodara on 20 August, 2025
83. The learned CIT(A) also relied upon the decision of the Jurisdictional
ITAT, Ahmedabad in ITO v. Bajaj Herbals P. Ltd. [2021] 130 taxmann.com
258, wherein it was held that depreciation is allowable on a car registered in
ITA Nos.477-478 & 529/Ahd/2024
Pawan Edifice Pvt. Ltd. Vs. DCIT
Assessment Years 2013-14 & 2014-15
42
the director's name if the funds for purchase are provided by the company,
the asset is reflected in the company's balance sheet, and it is used for the
company's business. Following the ratio of these judicial precedents, the
learned CIT(A) found that the assessee had established beneficial ownership
and business use of the vehicles. Necessary documents, including the bank
statement showing instalment payments by the company, were adduced
and perused. No contrary material was brought on record by the Revenue
to rebut these findings.