a partner has purchased a car in his own name & from his own funds ( not from capital contributed in firm) & using his car for both personal purpose & for the business of firm. partner is getting int, profit & remuneration from firm. now can he claim deduction of depreciation on car (mentioned as above) from his remuneration & interest?. is there any judgement of SC or HC?
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Depreciation claim by partner
Replies (3)
Of course he will get proportionate deduction while filing his personal return but not in firm
Pls refer this judgement- Shri Vishnu Anant Mahajan Vs. ACIT
https://itatonline.org/archives/wp-content/files/vishnu_anant_mahajan_14A_special_bench.pdf
Also refer the attached file for a summary of the above case law.
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