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

Shivam Water Treaters Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

The 1^st 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

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