Depreciation allowes or not

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sachin j singh (Querist)
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12 September 2013 hi, i am accountant at pvt ltd hospital some fixed assets are in the name of our directors and payment for the same are made through loan in the name of directors. but emi for the concerned loan was borne by hospital. whether depreciation is allowed or not
please suggest.

Ganeshbabu K

Ganeshbabu K (Expert)
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13 September 2013 Depreciation not allowed if the asset is in the name of Directors,

Citation: Edwise Consultants (P.) Ltd. - [2013] 35 taxmann.com 149 (Mumbai - Trib.)

It is held that Whether, merely because cars were shown as assets in books of account of assessee company, depreciation could not be allowed where cars were registered in name of its directors

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