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2014 (8) TMI 675 - AT - Income TaxPower to exercise revisional jurisdiction by CIT u/s 263 – Claim of depreciation on assets not examined – Amount deducted for the purpose of application towards charitable purpose – Held that:- The AO has not at all examined the issue of claim of depreciation on account of assets the cost of which has been claimed as application of income for charitable purpose - the CIT was justified in issuing the notice u/s.263 to the assessee asking it to explain as to why the order should not be set aside under the provisions of section 263 – Relying upon CIT Vs. Institute of Banking Personnel Section [2003 (7) TMI 52 - BOMBAY High Court] - the income relating to claim of depreciation on assets, the entire amount of which was claimed as deduction on account of application for charitable purposes – the assessee is entitled to depreciation on assets, the entire amount of which was claimed as deduction on account of application for charitable purposes – thus, the order passed by CIT u/s 263 is set aside – Decided in favour of Assessee. Award of cost on the department u/s 254(2B) – Held that:- As decided in assessee’s own case it has been rightly held that the CIT has passed an order during the course of discharge of her duty as CIT - While discharging her duty, her action might have caused some hardship to the assessee due to error of judgement but that in our opinion does not warrant levy of cost on the department – Various decisions relied on by the assessee relate to levy of cost by the courts against administrative orders and not against judicial/quasi-judicial orders – following the assessee’s own case – Decided against Assessee.
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