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2014 (12) TMI 1167 - ITAT BANGALOREDepreciation claim - entire cost of the assets have been claimed by the assessee and allowed as application of its income for charitable purposes - Held that:- We find the issue of the assessee's claim for depreciation on addition to assets acquired in the relevant period is to be allowed even if the entire cost of the same assets have been claimed by the assessee and allowed as application of its income for charitable purposes, since this issue has been held in favour of the assessee in a number of decisions of the co-ordinate bench of this Tribunal in the cases of Dr. T.M.A. Pai Foundation (2010 (2) TMI 1156 - ITAT BANGALORE ), Academy of General Education (2015 (9) TMI 272 - ITAT BANGALORE ) following the decision of the Hon'ble Bombay High court in the case of CIT V Institute of Banking reported in (2003 (7) TMI 52 - BOMBAY High Court ). Following the decisions of the Hon'ble Bombay High Court in the case of Institute of Banking (supra) and of the co-ordinate benches (cited supra in this para), we uphold the order of the learned CIT (Appeals) in allowing the assessee's claim for depreciation on new assets acquired and put into use during the relevant previous year under consideration, even if the entire cost of those assets have been claimed by the assessee and allowed as application of its income for charitable purposes. - Decided in favour of assessee.
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