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2018 (12) TMI 1928 - AT - Income TaxExemption u/s 11 - allowability of depreciation of fixed assets in the case of public charitable trust - HELD THAT:- The issue of allowability of depreciation of fixed assets in the case of public charitable trust has been settled in the case of CIT Vs. Rajasthan and Gujarati Charitable Foundation, Poona [2017 (12) TMI 1067 - SUPREME COURT] - the Hon'ble Bombay High Court in the case of CIT Vs. Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY HIGH COURT] and in the case of Director of Income Tax(Exemptions), Mumbai Vs. Shri Vile Parle Kelavani Mandal [2015 (5) TMI 220 - BOMBAY HIGH COURT] has held that there is nothing like double deduction and when the assessee has acquired an asset from the income of the trust and thereafter, claimed the depreciation on the use of fixed assets, such depreciation claim does not mean double deduction. Accordingly, we do not find any reason to deviate from the findings of the Ld. CIT(A) and therefore, we uphold the order of CIT(A) on this issue. Grounds raised by Revenue on this issue are dismissed. Carry forward loss and allow the set off against the subsequent year's income - HELD THAT:- It is an undisputed fact that during the year, assessee has deficit as his gross expenditure exceeded the gross income and claimed the same to subsequent year for being set off against the subsequent years - AO disallowed the same by holding that if the deficit is allowed to be carried forward; the same would result in double deduction to assessee. CIT(A) in the appellate proceedings, after relying on the decision in the case of CIT Vs. Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY HIGH COURT], allowed the appeal of assessee. In the present facts and circumstances of the case and after perusing the decision of the Hon'ble Jurisdictional High Court in the case of CIT Vs. Institute of Banking Personnel Selection (supra), we are of the view that the Ld. CIT(A) has correctly allowed the carry forward of deficit to the following years for claiming set off. - Decided against revenue.
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