ITAT Allows depreciation on car despite registration in Directors name

Mukesh Trends Lifestyle Limited Vs DCIT (ITAT Ahmedabad) In the case of Mukesh Trends Lifestyle Limited Vs DCIT (ITAT Ahmedabad), a significant dispute unfolded over the eligibility of depreciation on a car utilized for business purposes, registered under the name of the company director. The intricacies of ownership, usage, and legal interpretations came to the forefront in this case, highlighting the complexities inherent in tax assessments and the importance of clear delineation between personal and business assets. Background: The crux of the matter revolves around the depreciation claim m...