Depreciation and Expenses for Company-Owned Vehicle Deemed Legitimate; Personal Expense Allegations Unfounded by Assessing Officer.

Depreciation and Expenses for Company-Owned Vehicle Deemed Legitimate; Personal Expense Allegations Unfounded by Assessing Officer. https://www.taxtmi.com/highlights?id=60525 Addition on account of depreciation, interest and running expenses for the vehicle registered in the name of the director - Dominion ownership of the car rest with the company. The company being a body corporate is different from the individuals. In other words in a body corporate there cannot be any element of personal expenses as alleged by the AO. - AT en-us Tue, 16 Nov 2021 11:39:54 +0530 Tue, 16 Nov 2021 11:39:54 +0530 TaxTMI RSS Generator Depreciation and Expenses for Company-Owned Vehicle Deemed Legitimate; Personal Expense Allegations Unfounded by Assessing Officer. https://www.taxtmi.com/highlights?id=60525 Addition on account of depreciation, interest and running expenses for the vehicle registered in the name of the director - Dominion ownership of the car rest with the company. The company being a body corporate is different from the individuals. In other words in a body corporate there cannot be any element of personal expenses as alleged by the AO. - AT Highlights Income Tax Tue, 16 Nov 2021 11:39:54 +0530 https://www.taxtmi.com/highlights?id=60525