Company entitled for depreciation on Vehicle registered in name of director

Gold Finch Jewellery Ltd. Vs D.C.I.T. (ITAT Ahmedabad) In the instant case, the depreciation claimed on the vehicles, i.e. cars and two-wheelers was disallowed by the AO on account of two reasons. Firstly, the assessee was not the owner of the assets, and secondly, the assessee failed to establish that the assets were used for the business. The learned CIT (A) subsequently confirmed the action of the AO. Regarding the ownership of the assets, we note that the beneficial ownership vest with the assessee. It is because the payment was made for the purchase of the assets by the assessee though th...