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2020 (5) TMI 432 - AT - Income TaxDisallowance of depreciation and expenses in respect of the new car purchased - questioned car was registered in the name of the Director - HELD THAT:- As decided in EDWISE CONSULTANTS PVT. LTD. [2015 (12) TMI 297 - ITAT MUMBAI] depreciation is allowable in the hands of the company, even if it is registered in the name of its director provided that the vehicle is used for the purpose of business of company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to the fact that the vehicles are used for the purpose of business of the assessee company. the assessee company should be considered as owner for all practical purposes and hence it is entitled for depreciation - Decided in favour of assessee.
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