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

Car Depreciation Allowed: Tribunal Rules Company Effectively Owned Vehicle for Business, Overturning Initial Disallowance.

February 27, 2024

Case Laws Income Tax AT

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.

View Source

← Previous Next →

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

Car Depreciation Allowed: Tribunal Rules Company Effectively Owned Vehicle for Business, Overturning Initial Disallowance.

February 27, 2024

Case Laws Income Tax AT

You may also like:

Depreciation on motor car - car purchased in the names of the Directors of the assessee-company - t the assessee company has, in fact, made the investment in purchase of...

The DGFT amended import policy conditions for vintage cars under Chapter 87 of ITC (HS) 2022, Schedule-I. The revised policy aligns vintage vehicle classification with...

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...

The assessee, an individual sole proprietor, claimed depreciation on a car registered in her husband's name but funded by her business. While the assessee may be treated...

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

The appellant contested the service tax demand on trade discounts and incentives received from Tata Motors Limited for promoting or marketing vehicles. The Tribunal held...

Income-tax (9th Amendment) Rules, 2019 - Additional depreciation on motor cars and motor vehicles shall be allowed in certain conditions.

Claim of depreciation on motor car registered in the name of the Director and not the company - As the funds for purchase of vehicles have been provided by the assessee...

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

Disallowance of depreciation and expenses on Sports Car - personal v/s business expenditure - it could not be stated that when the vehicles were used by the directors...

Disallowance of depreciation on new Honda City car - The Tribunal observed that the appellant had purchased the vehicle and got it insured on 30.09.2009, which was...

Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

Disallowance of depreciation on cars given on lease - no depreciation is claimed by the lessee on these leased cars - assessee company has rightly claimed the...

Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

E-way bill Rules - Rule 138D as amended - Facility for uploading information regarding detention of vehicle

Quick Updates: