Depreciation Allowed on Trucks Registered in Partners’ Names by ITAT Mumbai

DCIT Vs Surat Road King (ITAT Mumbai) Key Issue: Depreciation on Assets Registered in Partners’ Names The core of the dispute for the Assessment Year (AY) 2014-15 was the disallowance of depreciation amounting to on trucks. The Assessing Officer (AO) disallowed the claim on the grounds that the vehicles were registered in the name of the partners and not the partnership firm, thereby concluding the firm was not the legal owner and ineligible to claim depreciation under Section 32(1) of the Income Tax Act, 1961. The assessee, Surat Road King, a transport services provider, contended before th...