a partner has purchased a car in his own name & from his own funds ( not from capital contributed in firm) & using his car for both personal purpose & for the business of firm. partner is getting int, profit & remuneration from firm. now can he claim deduction of depreciation on car (mentioned as above) from his remuneration & interest?. is there any judgement of SC or HC?
Menu
Depreciation claim by partner
Replies (3)
Of course he will get proportionate deduction while filing his personal return but not in firm
Pls refer this judgement- Shri Vishnu Anant Mahajan Vs. ACIT
https://itatonline.org/archives/wp-content/files/vishnu_anant_mahajan_14A_special_bench.pdf
Also refer the attached file for a summary of the above case law.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
