2022 (2) TMI 108

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....isallowing the depreciation claimed for the cars used by the directors for official work of the company but ownership documents in the name of individual director. 2. On the facts and in the circumstance of the case the learned Commissioner of Income Tax, (Appeals), Pune-6 erred in disallowing the interest paid on the purchase of cars. Appellant prays that the same may be accepted and the returned income be ordered to be accepted. 3. On the facts and in the circumstances of the case the learned Commissioner of Income Tax,(Appeals), Pune-6 erred in disallowing the extended warranty paid of Rs. 1,30,340/-. 4. On the facts and in the circumstances of the case the learned Commissioner of Income Tax,(Appeals), Pune- 6 erred in disallowing ....

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.... before us in the present appeal. 7. The ground of appeal nos. 1 and 2 challenges the disallowance of depreciation as well as interest on car loan. The ld. Counsel submits that though the car was purchased in the name of the director in order to avail the concessional rate of road taxes, in substance, the car is owned by the appellant company, inasmuch as, the repayment of car loan was made by the appellant company as well as it was used in the business of the appellant company. He also submitted that the issue is covered in favour of the appellant company in assessee's own case for the earlier assessment year by the order of this Tribunal in ITA No. 286/PUN/2015 for the assessment year 2010-11 dated 31.10.2017. 8. On the other hand, ....