Disallowing the depreciation for the cars AND interest paid on ...

Case Laws Income Tax

February 3, 2022

Disallowing the depreciation for the cars AND interest paid on car loan used by the directors - vehicle held in the name of director of the appellant company - the assessee is entitled to the depreciation under the provisions of section 32 of the Act inspite of the fact that the vehicle is registered in the name of the director of the appellant company. - AT

View Source

← Previous Next →

Disallowing the depreciation for the cars AND interest paid on ...

Case Laws Income Tax

February 3, 2022

You may also like:

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...

Disallowance of depreciation is use of BMW car by the director of assessee - The car in question was a business asset and depreciation had to be allowed on the same. The...

Depreciation on two wheeler vehicles and Car purchased in the name of directors - beneficial owner of asset - only registration in the name of director is not sufficient...

Allowability of depreciation and expenses on motor car maintenance, car insurance and interest paid on car loan - cars were registered in the name of the directors - AO...

Disallowance of depreciation on motor car and disallowance on motor car maintenance - even though the personal use of Chevrolet Beat car by the assessee cannot be ruled...

Disallowance of depreciation on car - use of car for personal purposes - it is for the AO to bring on record to suggest use of asset for personal purpose. In this case,...

Adhoc disallowance made on account of expenses under the heard vehicle maintenance, interest on car loan, telephone expenses, travelling expenses and depreciation on car...

Use of car by directors-employees of a company cannot be characterized as used for non-business purpose and, hence, no part of car expenses incurred on such cars can be...

The ruling addressed the eligibility of Input Tax Credit (ITC) for cars used for demonstration purposes. It was held that demo cars can be eligible for ITC if certain...

Depreciation - fleet of cars which was kept ready for use - disallowance on account of personal use of the car could have been made to some extent on estimated basis but...

Depreciation on car - the assessee is eligible for depreciation on the car purchased by it but registered in the name of the director as the assessee is the beneficial...

Disallowance of depreciation on Car - Although, the assessee could have made efforts to obtain a copy of the purchase invoice from the hypothecating bank and produced it...

Disallowance of interest on car loan - used for business/profession - merely because the assessee placed his own funds and also the interest free loans for some other...

The ITAT considered a case where the PCIT initiated revision u/s 263 regarding capital loss claimed on the sale of a car. The question was whether a motor car used for...

Disallowing any part of the depreciation on account of personal use of the directors, u/s 38(2), does not appear to have been passed upon application of mind, when the...

Quick Updates: