depreciation
This query is : Resolved
30 January 2010
ITO has disallowed the depreciation on truck purchased on the basis that Registration Book is still not trf to assessee's name . finance is taken from pvt parties and r.c.book is on their name
if any decision is available please mail me.
if any decision is available please mail me.
30 January 2010
The provisions of the Motor Vehicle act do not prevent a person from becoming an owner of a motor vehicle without registration. Depreciation will be allowable on motor vehicles purchased by the assessee and used for business purposes, although the same may not be registered in his name. (CIT vs Dilip Singh Sardar Singh Bagga 1993, 201 ITR 995 Bom & CIT vs Basti Sugar Mills Co. Ltd (2002) 257 ITR 88 (Del)
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