Assessee company claimed depreciation on a vehicle purchased in name of Director of the assessee company. AO disallowed the depreciation claimed @15%. CIT(A) confirmed the disallowance. Revenue submitted that interest on the car loan and insurance expenses were allowed to the assessee. Therefore, the disallowance of depreciation on the car was deemed unwarranted. It was undisputed that purchase of a car was made by assessee company, of matter following Supreme Court’s decision in Mysore Minerals Ltd v. CIT [1999] 239 ITR 775 (SC) which was also reflected in books of account of the assessee company. Therefore, it could be asserted that the car was commercially used for purpose of business of the company. Consequently, depreciation thereon could not be denied. Moreover, interest on car loan and car insurance was allowed by AO. Thus, on facts and circumstance the depreciation was allowed in accordance with law. [ITA No. 828/Ahd/2023 dt. 23/02/2024)(AY. 2017-18)