Depreciation Claim allowable on Vehicle used Commercially for Business Purpose: ITAT [Read Order]
Vehicle used Commercially for Business Purpose can be used to claim depreciation deduction
By Manu Sharma - On March 30, 2024 5:47 am - 2 mins read
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) determined that a vehicle exclusively used by a business entity qualifies for depreciation claims. The panel that if a car is employed for commercial purposes related to the company’s operations, depreciation cannot be denied. Furthermore, the department allowed deductions for car loan interest…
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