Held that since car was reflected as an asset of company and car loan also appeared as a liability in balance sheet of company and car was used for business of assessee, depreciation is allowable even though it was bought by company in name of its director. (AY. 2009-10)
ITO v. Bajaj Herbals (P.) Ltd. (2021) 191 ITD 41 (Ahb.)(Trib.)
S. 32 : Depreciation-Car registered in the name of Director-Depreciation, expenses and interest is held to be allowable. [S. 37(1)]