Depreciation on car purchased in the name of the Director - ...

Income Tax

February 27, 2024

Depreciation on car purchased in the name of the Director - Depreciation @15% claim has been disallowed as asset could not be said to be of the company - However, AO allowed deductions for interest on car loan and insurance expenses. - The tribunal found that the appellant company had effectively purchased and used the car for business purposes, warranting the allowance of depreciation.

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Depreciation on car purchased in the name of the Director - ...

Income Tax

February 27, 2024

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