Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2013
Director has purchased a motor car in his own name & the same is used for companies business purpose.Can the company claim Depreciation & the relevant day-to-day expenses like Diesel,Repairs & Maintenance under the companies books of accounts.
Pls reply as soon as possible
Pls reply as soon as possible
09 September 2013
Rectification:
Yes, company can claim on depreciation..
As per recent Case law...
Yes, company can claim on depreciation..
As per recent Case law...
09 September 2013
Company can claim depreciation for the purpose of Income tax Act,1961 provided the cost of the car is met by the company. though registered in director's name.
Citation :- CIT Vs. Navdurga Transport Co. [1999] 235 ITR 158 (All.) can be relied though delivered in a different context.
Citation :- CIT Vs. Navdurga Transport Co. [1999] 235 ITR 158 (All.) can be relied though delivered in a different context.
09 September 2013
Agree with expert.........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
