Whether firm can claim depreciation on car which is in the name of partner of the firm explain with Case law
3 Replies
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8639 Points)
Replied 19 May 2011
Yes. The firm can claim depreciation. Car can not be registered in the name of a partnership firm. It has to be registered in the name of one of its partners only. So, the firm can claim depreciation provided that you can prove the fact that the car was purchased on behalf of the firm and is actually used for the business of the firm.
CA Nitu Agarwal
(CA, M.Com)
(266 Points)
Replied 21 May 2011
As per famous case of "Mysore Minerals", Supreme Court held that registraion is not relevant. Use of asset is relevant.
Recent Topics
- Amount withdrawn from capital gain account scheme
- TDS RETURN REJECTED with Reason Line no 2 –
- Issue in e_filing of IT return
- New India Coop Bank Frozen Account
- GST Registration for export of services under sec2
- Exemption Available or not under new tax regime
- Loss on F & O
- FCNR DEPOSIT INTEREST EARNED REPORTING IN ITR2
- Rectification of tDS
- Interest from SCSS in ITR
Related Threads
Trending Online Classes
CAclubindia
