TaxTMI 
TaxTMI 
Dear All,
Greetings for new FY. Kindly tell me if any manufacturing company give their vehicles to any transport company with out agreement? This transaction will affect any IT act?
Kindly give reply.
Regards
M.RamKumar
Can Company give own vehicles to any transport company
02 Apr 2016 
2 Replies 
1098 Views Asked by
Contractual agreement requirement: companies should document vehicle transfers to transport operators to assess tax and legal implications.
A manufacturer asked if it can give its vehicles to a transport company without an agreement and whether that affects income tax. Respondents advised that a written agreement is essential to determine legal and tax consequences, noting the purpose and terms are necessary to classify the transaction for tax and legal treatment. (AI Summary)
A manufacturer asked if it can give its vehicles to a transport company without an agreement and whether that affects income tax. Respondents advised that a written agreement is essential to determine legal and tax consequences, noting the purpose and terms are necessary to classify the transaction for tax and legal treatment. (AI Summary)