https://www.taxtmi.com/highlights?id=75219 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. en-us Tue, 27 Feb 2024 13:58:22 +0530 Tue, 27 Feb 2024 13:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75219 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. Highlights Income Tax Tue, 27 Feb 2024 13:58:22 +0530 https://www.taxtmi.com/highlights?id=75219