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2014 (10) TMI 540 - BOMBAY HIGH COURTClaim of depreciation on immovable property – capital expenditure on the relevant assets has already been allowed as application of income - double deduction - Held that:- the full expenditure has been allowed in the year of acquisition of assets really means that the amount spent on acquiring the assets had been treated as application of income of the Trust in the year in which the income was spent in acquiring these assets - This does not mean that in computing of this income from those assets in subsequent years, the depreciation in respect of those assets cannot be taken into account – relying upon Commissioner of Income Tax v/s Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY High Court] - merely because a different argument is now canvassed and not in the same manner as it was canvassed before the Division Bench and not dealt with accordingly, will not enable the Revenue to submit that these binding judgments should be brushed aside - accepting the argument of Mr.Tejveer Singh would precisely amount to this act – the order of the Tribunal is upheld – Decided against revenue.
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