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2022 (1) TMI 351 - ITAT JAIPURDeduction u/s 80P - Receipt of loans and advance given to the employees/non-members - HELD THAT:- CIT(A) has relied upon the decision of Hon’ble Jurisdictional High Court in the case of CIT Vs S.B.V. Bank Ltd. [2008 (9) TMI 112 - HIGH COURT RAJASTHAN] which is a binding precedent. Though the Hon’ble Supreme Court had admitted the SLP filed by the assessee in the said case, however, no stay was granted by the Hon’ble Supreme Court against the decision of the Hon’ble High Court, therefore, so long the decision of the Hon’ble High Court is in operation and holds the field, the same is binding on this Tribunal. Hence, we do not find any error or illegality in the impugned order of the ld. CIT(A) qua this issue and we uphold the same. Depreciation @ 10% to building-put in use by the assessee co-operative bank in its day to day work - HELD THAT:- There is no dispute that in the return of income, the assessee has claimed ₹ 5.00 lacs being provision for building fund which was disallowed by the A.O. on the ground that this provision is not allowable and secondly it is capital expenditure. The assessee has not disputed the fact that this is a capital expenditure and therefore, the assessee has raised an alternate plea of allowance of depreciation on building which is duly reflected in the balance sheet of the assessee. Since the A.O. is otherwise bound to consider and allow the depreciation on the fixed assets which are eligible for depreciation as per Explanation (5) to Section 32 of the Act, therefore, non-consideration of the claim of depreciation on the part of the A.O. as well as on the part of the ld. CIT(A) is not justified and contrary to the provisions of Section 32 of the Act. This issue of depreciation is to be considered after verifying the eligible assets and the satisfaction of the conditions of Section 32 of the Act being an asset has been brought into existence and used in the business of the assessee or at least ready to use for the business of the assessee. Accordingly, in the facts and circumstances of the case, this issue is set aside to the record of the A.O. to consider and decide the same after giving an opportunity of hearing to the assessee.
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