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2015 (1) TMI 310 - AT - Income TaxDisallowance of depreciation in case of Trust - Whether CIT(A) erred in allowing the claim of depreciation to the assessee in spite of the fact that the entire cost of depreciable assets had been allowed to the assessee as an application of income towards object of the Trust and therefore, again allowing of the depreciation in same assets holding it as application if for charitable purposes amounts to double deduction - Held that:- assessees are AOP Trusts and registered u/s 12AA of the Act. While computing income u/s 11 of the Act, the assessee, M/s Kongunadu Arts and Science College Council claimed depreciation of ₹ 1,76,82,258/- and the assessee, M/s Ramanandha Adigalar Foundation claimed depreciation of ₹ 8,21,52,114/- as deduction. The claim of depreciation was disallowed by the Assessing Officer on the ground that as the cost of the assets was itself allowed as application of income, therefore, allowing depreciation on the very same assets would amount to double deduction. - Held that the assessee is not claiming double deduction. - Following decision of M/s Great Lakes Institute of Management [2012 (9) TMI 179 - ITAT, CHENNAI] - No reason to interfere with decision of the CIT(A) - Decided against Revenue.
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