Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 221 - AT - Income TaxDouble deduction of depreciation - assessee is a trust engaged in charitable activities and registered u/s.12A - assessee claim of depreciation on fixed assets during the year disallowed citing as double deduction - CIT(A) allowed claim - Held that:- By way of amendment in Finance Act 2014 in Section 11(6) of the Act, depreciation will not be allowed while computing application of income w.e.f.1-4-2015. Thus, the amended provisions are applicable w.e.f.A.Y.2015-2016. However, the section does not mention anything for applicability prior to A.Y.2015-16 cases. So cases prior to A.Y.2015-2016 have to be decided as per the law applicable during that period.In view of the above amended provision, which is applicable w.e.f. Assessment Year 2015-2016, we do not find any infirmity in the order of CIT(A) for allowing assessee’s claim for depreciation relying on the decision of jurisdictional High Court case of Indraprastha Cancer Society [ 2014 (11) TMI 733 - DELHI HIGH COURT ] in respect of assessment years falling prior to 2015-2016. The decision of the Hon’ble jurisdictional High Court in the case of CIT Vs. Institute of Banking Personnel (2003 (7) TMI 52 - BOMBAY High Court ) is squarely applicable in this case. - Decided against revenue Carry forward of deficit on account of excess expenditure denied - CIT(A) allowed the appeal of assessee - Held that:- The issue of excess application of income of earlier years to be carried forward is decided in favour of the assessee in the decision of Higher Judicial Forum in Commissioner of Income-Tax Versus Institute Of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY High Court] as referred to and relied by the CIT(A). Therefore, respectfully following the decision relied upon by the CIT(A) and applicable under the facts and circumstances of the case, these grounds of the Revenue are dismissed. - Decided against revenue
|