practical tax & investment planning online
international tax expert / colunmist / author / speaker

NAME GAME ON CAR DEPRECIATION!

Firm or company can claim depreciation on car purchased out of its funds, though in the name of its partner or director!                     “What’s in a name? That which we call a rose by any other name would smell as sweet.”  This Shakespearean quote seems to have inspired as many five High Courts to hold that the Income-tax Department cannot refuse the claim for depreciation on a vehicle owned by a company...

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