Company Eligible for deduction of expense on Vehicle Registered in the name of Director

DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad) The Assessing Officer during the assessment proceedings found that the vehicles were registered in the individual name of the Directors. But the assessee claimed the depreciation and the vehicle expenses in its income-tax return. However, the Assessing Officer was of the view that the assessee cannot claim depreciation in respect of such vehicles registered in the name(s) of the directors. The Assessing Officer also observed that the personal use of the vehicle could not be ruled out. Therefore he made the disallowance of vehicle expe...