TMI Blog2016 (7) TMI 1561X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessment t of trust - Assessee trust entitlement to claim the carry forward and set off of deficit of earlier years on account of excess expenditure/application of income - in the case of DIT(E) vs. Najam Baug Trust [ 2015 (1) TMI 1438 - BOMBAY HIGH COURT ] has, while relying upon the decision in the case of Institute of Banking Personnel Selection (supra) has held that the assessee is entitled to claim carry forward losses/deficit on account of excess expenditure/application of income in earlier years. We further find that the Tribunal has also discussed in the own case of assessee, the effect of the amendment brought vide Finance (No.2) Act, 2014 in section 11(6) of the Act wherein it has been provided that depreciation will not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us. 3. The Revenue has taken as many as 7 grounds of appeal. But only two effective issues have been raised. The first issue is whether the assessee trust is entitled to the claim of depreciation on capital assets, expenditure in respect of which has already been claimed by the assessee as application of income. The second issue is as to whether on the facts and circumstances of the case and law, the assessee trust is entitled to claim the carry forward and set off of deficit of earlier years on account of excess expenditure/application of income. 4. The Ld. A.R., at the outset, has stated at bar that the issue is squarely covered in favour of the assessee by the earlier decision of the Tribunal in the own case of the assessee dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e.f. April 1, 2015. The Tribunal while relying upon the decision of the Hon ble Delhi High Court in the case of Indra Prasstha Cancer Society in ITA No.240 of 2014 order dated November 18, 2014 that the amended provisions are applicable w.e.f. the assessment year 2015-16 and the same will not have any applicability for the assessment years prior to A.Y. 2015-16. The Ld. D.R. has also fairly admitted that both the issues are squarely covered in favour of the assessee by various decisions of the Jurisdictional High Court as well as the decision of the Tribunal in the own case of the assessee. 6. In view of this, we do not find any infirmity in the order of the Ld. CIT(A) and the appeal of the Department is therefore dismissed. Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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