Purchase cost

This discussion addresses whether the purchase cost of tyres for an Innova, which is not recorded as a fixed asset in the company's books, can be accounted for. It also questions the eligibility for claiming Input Tax Credit (ITC) on this purchase. The advice given is that neither the purchase can be accounted for nor ITC claimed, as personal expenses are not allowable business expenditures and are also disallowed for income tax purposes. It's crucial to determine the actual owner of the vehicle.