hi,
one of my client has bought a car in his own name and has shown it in the company balance sheet as company's asset. now scruitiny case has been opened for him. please discuss the implications.
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Income tax- depriciation
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in my opinion, depriciation for that year shall be disallowed and shall remain same for al the previous years srarting from the year i which depriciation was first claimed.
any other implications???
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