A Company has 2 directors. A director has purchased a Car in the name of himself and loan is also sanctioned in the name of the director. Repayments of the loan is done through the Bank account of another director.
The query is:
1. Can the company show the Car purchased as a Fixed Asset and the loan in its own books and claim depreciation?
2. The Director has claimed the TCS on Car in his individual IT Return
CA ANOOP P K & ASSOCIATES
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