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Car purchased in the name of directors shown in co.s books?

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(Querist)
05 March 2013 If the financial position of the Co. is not good, can director purchase Car in its own name and show the car loan and car in the books of Co.? I heard there was notification regarding same.
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
05 March 2013 Please specify are u asking this question from company law point of view or income tax point of view?
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Rakesh Parmar

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Rakesh Parmar (Querist)
05 March 2013 Actually, i wanted to know whether can we do such transaction? If thr is any legal compliances then let me know.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
16 August 2023 No, not allowable.

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