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2024 (1) TMI 1040 - BOMBAY HIGH COURTReopening of assessment u/s 147 - exemption u/s 11 - claim of depreciation - HELD THAT:- It is not disputed that the benefit of Section 11 of the Act was not granted in the original assessment order dated 23rd December 2011 which was carried in appeal before the CIT(A). CIT(A) vide an order dated 9th July 2012 allowed the appeal and granted exemption under Section 11 of the Act, deleted disallowed expenses and allowed claim of set off/carry forward of unabsorbed depreciation and excess of expenditure over income. The CIT(A) had also relied upon a judgment of this court in the case of CIT vs. Institute of Banking Personnel [2003 (7) TMI 52 - BOMBAY HIGH COURT] Therefore, as stated in the third proviso to Section 147 of the Act, the A.O. has no jurisdiction to assess or reassess any income which was the subject matter of an appeal. Since the grant of benefit of Section 11 of the Act was the subject matter of appeal and has been held in favour of assessee, the matter cannot be reopened. As regards the issue of disallowance of depreciation claim, the Hon’ble Apex Court in Rajasthan and Gujarati Charitable Foundation, Poona [2017 (12) TMI 1067 - SUPREME COURT] has held that a Charitable Trust is eligible for claiming depreciation.
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