Depreciation cannot be denied merely for Registration of cars in directors name

Shivam Water Treaters Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) The 1st issue that arises for our consideration whether the assessee is eligible to claim the depreciation on the purchase of cars in the manner as provided under section 32 of the Act. To claim the depreciation under section 32 of the Act, the following conditions needs to be specified/satisfied. (a) Assets should be owned wholly or partially and (b) Used for the business purpose 20.1 From the above, the 1st condition arises for adjudication whether the assessee is the owner of the cars in dispute. The assessee has shown purchase of 5 c...