Sale of Car which is booked in Pvt. Company books but in RC book it is in the name of Director

SWAPNALI PATIL (Accounts Manager) (37 Points)

25 June 2021  

If Car is purchased through Car Loan and it is paid by Pvt. Ltd. company. But in RC book it is in the name of the director. Company is claiming depreciation and other vehicle expenses. Now, Director want to sale this Car. 

In this situation can company take amount of sale of Car or Director?

Please suggest what is best practice as per Income Tax Act?