Depreciatin
This query is : Resolved
Sanjeev Agarwal
(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?
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
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
Sanjeev Agarwal
(Querist)
26 March 2016
Thanks Ganeshbabu for your valuable advice.
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