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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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.....