Registration in Partner’s Name Doesn’t Preclude Partnership Firm from Claiming Vehicle Depreciation

Vinod Textiles Vs ACIT (ITAT Ahmedabad) Introduction: The case of Vinod Textiles vs ACIT (ITAT Ahmedabad) centers on the claim of depreciation for a motor vehicle registered in a partner’s name within a partnership firm. The Income Tax Appellate Tribunal (ITAT) Ahmedabad evaluates whether a partnership firm can avail of depreciation on a motor vehicle that is purchased and registered in the name of one of its partners. Analysis: In this case, Vinod Textiles, a partnership firm, filed an appeal against an order passed by the Commissioner of Income-tax (Appeals) [CIT(A)] for Assessment Yea...