Depreciation : vehicle purchase on director name
This query is : Resolved
23 September 2013
Dear Sir,
If we purchase Motor Car in the name of company director, could we take in the books of company for depreciation.
If we purchase Motor Car in the name of company director, could we take in the books of company for depreciation.
23 September 2013
1)Allowed to take depreciation in the books of company
2)it is disallowed under income tax,,
Citation:
Edwise Consultants (P.) Ltd. - [2013] 35 taxmann.com 149 (Mumbai - Trib.)
It is held 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
2)it is disallowed under income tax,,
Citation:
Edwise Consultants (P.) Ltd. - [2013] 35 taxmann.com 149 (Mumbai - Trib.)
It is held 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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