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2013 (6) TMI 75 - HC - Income TaxDouble deduction - depreciation on fixed assets - entire expenditure incurred towards purchase of fixed assets has already been claimed in entirety earlier - held that:- Explanation 5 to section 32 specifically provides that the assessee shall be entitled for depreciation in spite of the fact that the assessee had claimed the deduction in respect of depreciation in computing his total income or not. - Tribunal has rightly allowed the depreciation in respect of the assets of the respondent. - Decided in favor of assessee. Payment towards pension fund when no liability of revenue nature was determined - held that:- under Rule 10 of the Madhya Pradesh Krishi Upaj Mandi (State Marketing Development Fund) Rules, 2000, the Krishi Upaj Mandi has to create a Reserve Fund, which is a statutory liability and the aforesaid fund is to be created for the payment of pension to the members of the Board. - In view of the statutory liability of the Krishi Upaj Mandi, if the Income Tax Appellate Tribunal has allowed the deduction of aforesaid contribution, no fault is found. - decided in favor of assessee.
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