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TMI Blog2018 (8) TMI 1849X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) - 12, Mumbai dated 25.07.2016 for the Assessment Year 2012-13. 2. The Revenue in its original grounds of appeal challenged the order of the Ld.CIT(A) in deleting the disallowance made towards PF and ESI contributions which were paid beyond due date specified in respective Acts but before due d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble as deduction. 4. Ld. Counsel for the assessee strongly supported the orders of the Ld.CIT(A) and the Ld. DR supported the orders of the Assessing Officer. 5. We have heard the rival submissions, perused the orders of the authorities below. The issue of whether the PF and ESI contributions should be allowed as deduction when paid beyond due date specified in the respective Acts but before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company. The asset belongs to the company and therefore the depreciation as well as the interest was rightly claimed as deduction. However, the Assessing Officer not convinced with the submissions of the assessee denied depreciation and interest on car loan. On appeal the Ld.CIT(A) following the decision of the Apex court in the case of Mysore Minerals Ltd. v. CIT [239 ITR 775] and the Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the vehicle is registered in the name of its Directors, allowed the claim of the assessee. Similarly, the interest paid on car loan is allowable as deduction. Thus, we do not find any infirmity in the order passed by the Ld.CIT(A). The additional ground raised by the Revenue is rejected. 9. In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on the 08th August ..... X X X X Extracts X X X X X X X X Extracts X X X X
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