company acquire a commercial vechile under a name of third person (not related with company) , Payment is made by company and assets is used exclusively and for the beneficial of company
query is
can company claim depreciation on it
Thanks in advance
Ritesh khurana
It is not mandatory for the assessee to have legal ownership of a property .Beneficial ownership in terms of possession ,usage and control is sufficient to claim depreciation.
case study: Mysore minerals Ltd vs.CIT (1999) 239ITR775 SC
CAclubindia
