Partnership Firm Can Claim Depreciation on Motor Vehicle Even if Registered in Partner’s Name: ITAT [Read Order]

Partnership - Partnership Firm - Partnership Firm Can Claim Depreciation on Motor Vehicle - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the name of the partner in which a motor vehicle is registered is not relevant for the purpose of claiming depreciation on the vehicle. The ITAT ruled that the important factor is that the vehicle is purchased with the funds of the…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader