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2012 (10) TMI 812 - AT - Income TaxDepreciation on capital assets - disallowance on double deduction - CIT(A) allowed the claim - Held that:- As decided in Commissioner of Income-tax Versus. Tiny Tots Education Society [2010 (7) TMI 377 - PUNJAB AND HARYANA HIGH COURT] the income of the assessee being exempt, the assessee was only claiming that depreciation should be reduced from the income for determining the percentage of funds which had to be applied for the purpose of the trust. It could not be held that double benefit was given in allowing the claim for depreciation for computing income for purposes of section 11 - in favour of assessee. Provision for diminution in the value of investment - CIT(A) deleted the addition - Held that:- CIT(A) has not given a speaking order and not properly dealt with the issue. He has remitted the matter also to the Assessing Officer which was beyond of his jurisdiction. Thus on the facts and circumstances of the case, interest of justice will be served if the matter is remitted to the file of the AO - in favour of revenue for statistical purposes. Exempt income included in the assessed income - CIT(A) directed AO to delete the sum - Held that:- Neither the Assessing Officer nor the CIT (A) has made any addition on account of exempt income. The assessee has not reduced the exempt income from the computation income and the assessee is trying to raise a fresh ground as it is not permissible in view of the decision of Goetze (India) Limited Versus CIT (A) [2006 (3) TMI 75 - SUPREME COURT] that the power of the Tribunal under section 254, is to entertain for the first time a point of law provided the fact on the basis of which the issue of law can be raised before the Tribunal - against assessee.
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