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.........
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