Allowing the appeal of the assessee the Tribunal held that the car was purchased in name of a director in order to reduce incidence of indirect taxes, levies etc., however, it was duly reflected in balance sheet of assessee-company. Accordingly the depreciation is allowable to the company. (AY. 2013-14)
Shree Laxmi Estate (P. ) Ltd. v. ITO (2019) 178 ITD 98 /( 2020) 204 TTJ 351 (Mum.)(Trib. )
S. 32 : Depreciation-Car purchased in the name of director–Reflected in the balance sheet of the Company–Depreciation is allowable.