Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 63 - AT - Income TaxRevision u/s 263 by CIT - assessee claiming Depreciation u/s 32 while claiming exemption u/s 11 - as per CIT-A Depreciation to assessee is a case of double deduction and has been allowed without getting into the details since the cost of the assets has been allowed as application of income in the past - HELD THAT:- CIT (E) has misdirected himself while taking the view that depreciation has been allowed without getting into the details which amounts to double deduction by ignoring the fact that the identical issue has been decided in favour of the assessee by the coordinate Bench of the Tribunal in assessment year 2011-12 [2018 (9) TMI 2044 - ITAT DELHI] in which assessment framed u/s 143(3) of the Act was also set aside by invoking the provisions contained u/s 263 of the Act by relying upon the decision rendered by Hon’ble Supreme Court in case of CIT vs. Rajasthan & Gujrat Charitable Foundation [2017 (12) TMI 1067 - SUPREME COURT]and as such, depreciation on assets has to be allowed as application of income. Consequently, we hereby set aside the order passed by the ld. CIT(E) u/s 263 of the Act. Resultantly, the appeal filed by the assessee is hereby allowed.
|