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2015 (7) TMI 806 - BOMBAY HIGH COURTDisallowance of depreciation - Assessee claimed to be a charitable trust - ITAT allowed claim - Held that:- Assessee had already claimed capital expenditure on assets as expenses and the claim of depreciation on assets was in addition to the capital expenditure claimed. In doing so, the Assessing Officer is stated to have ignored and not abide by the binding judgment of the Honourable Supreme Court of India in the case of Escorts Limited v/s Union of India [1992 (10) TMI 1 - SUPREME Court ] The view taken by the Tribunal and consistent with that of the Commissioner of Income Tax (Appeals) has been approved by this Court in the case of Commissioner of Income Tax v/s Institute of Banking reported in (2003 (7) TMI 52 - BOMBAY High Court ). - Decided in favour of assessee.
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