Whether firm can claim depreciation on car which is in the name of partner of the firm explain with Case law
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Depreciation Claim
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firm cannot claim depreciation on car because ownership of car is not with the firm.
please tell us case study of the same!
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.
As per famous case of "Mysore Minerals", Supreme Court held that registraion is not relevant. Use of asset is relevant.
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