Whether firm can claim depreciation on car which is in the name of partner of the firm explain with Case law
3 Replies
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 19 May 2011
Yes. The firm can claim depreciation. Car can not be registered in the name of a partnership firm. It has to be registered in the name of one of its partners only. So, the firm can claim depreciation provided that you can prove the fact that the car was purchased on behalf of the firm and is actually used for the business of the firm.
CA Nitu Agarwal
(CA, M.Com)
(266 Points)
Replied 21 May 2011
As per famous case of "Mysore Minerals", Supreme Court held that registraion is not relevant. Use of asset is relevant.
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