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Cases for vehicle depreciation in the name of director

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(Querist)
10 March 2015 If In Pvt Ltd company Vehicle is purchased in name of director and put as asset in companys books , can company charged depreciation ? if yes then can anybody share similar case laws where depreciation is accepted
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Lalit Kumar

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Lalit Kumar (Expert)
11 March 2015 Yes the company can claim depreciation provided the asset is used for business purposes.

Case Law: Edwise Consultants Pvt. Ltd. Vs. ACIT (391/MUM/2011)

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