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Depreciatin

This query is : Resolved 
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(Querist)
14 March 2016 To save road tax and cost of insurance, a Company purchases Vehicle in name of Director. Will Depreciation be allowed u/s 132 on such vehicle purchased in name of Company?
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Ganeshbabu K

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Ganeshbabu K (Expert)
14 March 2016 Where beneficial ownership is not disputed depreciation is allowed to claim , it is taxpayer who should prove car was used for business purposes only.


Have a look at Mumbai bench of incometax appealeate tribunal order in case of DhimantMehtaComputingSolutionsPrivateLimited

I suggest to pay insurance by company which may served as proof of benificial ownership
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Sanjeev Agarwal

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Sanjeev Agarwal (Querist)
26 March 2016 Thanks Ganeshbabu for your valuable advice.
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