Held that the vehicle was registered in the name of the director did not make any difference, inasmuch as the registration under the\u00a0Motor Vehicles Act, 1988\u00a0was not conclusive evidence of the ownership of the vehicle. The term \u201cownership\u201d under the 1988 Act was different from the ownership as envisaged under the provisions of section\u00a032\u00a0of the\u00a0Income-tax Act, 1961. There is no requirement under the provisions of section\u00a032\u00a0of the Income-tax Act that in order to avail of depreciation, an assessee should be the registered owner of the vehicle.\u00a0 The assessee was entitled to depreciation under section 32 of the Act and the Assessing Officer was directed to delete the additions on account of disallowance of depreciation on car and interest paid on car loan. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 32 : Depreciation-Ownership of asset-Car loan-Vehicle registered in name of director-Vehicle used in business-Entitle to depreciation and interest paid on car loan. [S. 37(1), Motor Vehicles Act, 1988] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29579","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7H5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29579"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29579\/revisions"}],"predecessor-version":[{"id":29580,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29579\/revisions\/29580"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}