Company can claim depreciation of cars registered in director’s name but used for business purpose

Selva Ganesh Constructions Private Limited Vs ITO (ITAT Chennai) ITAT Chennai held that claim of depreciation and other related expenses is allowed to the company as the cars, registered in the name of directors, are used for the purpose of business. Facts- The assessee challenged the order of the Commissioner of Income Tax (Appeals) confirming the action of AO in disallowing the expenses claimed by the Assessee without deduction of Tax Deducted at Source [TDS] by invoking the provision of Section 40(a)(ia) of the Act. Accordingly, AO made disallowance for the office rent paid to the Director...