Limited Company being an Inanimate Person, cannot have anything ‘Personal’: ITAT allows Depreciation on Luxury Sports Car used by Director [Read Order]

By Taxscan Team - On December 5, 2022 5:12 pm - 2 mins read
ITAT - Depreciation - Luxury Sports Car - Director - Company - Inanimate Person - Depreciation on Luxury Sports Car - Income Tax - taxscan

The Income Tax Appellate Tribunal (ITAT) company is an inanimate person and there cannot be anything “personal” and therefore, allowed depreciation claim by the assessee-company in respect of a luxury sports car by the director of the Company under section 32 of the Income Tax Act, 1961. While considering the return filed by the assessee,…

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