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2016 (6) TMI 1044 - HC - Income TaxDepreciation claim allowablity to assessee trust - Held that:- It is not disputed by the learned counsel for the appellant-revenue that amended questions of law are covered against the revenue by judgment of this Court in Commissioner of Income Tax vs. Market Committee, Pipli, (2010 (7) TMI 374 - Punjab and Haryana High Court ), wherein after considering the relevant case law on the point, it was held that there was no double deduction claimed by the assessee as canvassed by the revenue. As the income of the assessee being exempt, the assessee was claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purposes of the trust. Unexplained payment to Haryana State Agricultural Marketing Board (in short HSAMB) for capital works - Held that:- The issue is covered by the judgment of this Court rendered in ITA No.151 of 2010, Commissioner of Income Tax, Hisar vs. Market Committee, Narwana [2010 (7) TMI 573 - PUNJAB AND HARYANA HIGH COURT ] Accrual of interest on advance made by the assessee to the Haryana State Electricity Board - Held that:- The assessee was following cash system of accounting. Moreover, section 145 of the Act was amended w.e.f 1.4.1997 whereby only one out of the two systems could be followed i.e. either mercantile or cash. The finding recorded by the Assessing Officer and the Tribunal that as the assessee was following cash system of accounting, no income on this account had been received in the year in question and therefore, it was not liable to be assessed, has not been shown to be illegal or perverse in any manner by the learned counsel for the revenue.
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