Dear Sir
We have purchased tyre (Wheel) for Innova four wheeler. but Innova four wheeler (fixed assets) not in books of accounts. Can we show the cost of purchase in books of account and can we Claim ITC please suggest
No. both you cannot account for purchase and ITC also not eligible
Please examine who is the owner of that Car.
Any expense of personal nature cannot be accounted as business expenditure. It is even disallowed in Income tax.
CAclubindia
