Proprietorship Firm's Car Depreciation Disallowed Due to Personal Account Payment; Business Asset Status Unchanged.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of depreciation on the car purchased by the assessee - Proprietorship firm - Merely because assessee has made payment for purchase of car from his personal account does not mean that it is not the business asset of the assessee.....