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2015 (7) TMI 1434 - AT - Income TaxExemption u/s 11 - depreciation on fixed assets - Double deduction - HELD THAT:- We note that the assessee is engaged in carrying out charitable activities by making donation to the different organizations, which are carrying out charitable activities as defined in section 2(15) - Before finalization of assessment, the assessee filed the necessary details, as called for by the Assessing Officer which were examined by him. Assessee filed copy of 12A certificate along with the certificate u/s 80G of the Act and also the certificate issued by Charity Commissioner. From the record of the assessee, it was found by the AO that the assessee has claimed depreciation through application within the meaning of section 11(1)(a) of the Act for availing exemption u/s 11 of the Act. The stand of the ld. DR as well as the conclusion drawn by the AO is that the assessee has claimed double deduction as the capital expenditure incurred on the assets has already been allowed as application of income. On appeal, before the CIT (Appeals), reliance was placed upon the decision from Hon’ble jurisdictional High Court in CIT vs Institute of Banking Personnel [2003 (7) TMI 52 - BOMBAY HIGH COURT] - AO was directed to allow claim of depreciation to the assessee. The Revenue is aggrieved and is in appeal before this Tribunal. We note that the Hon’ble jurisdictional High Court in the aforementioned case is allowable as a application of income although the deduction was allowed, when the asset was purchase originally. The assessee before CIT (Appeals) explained that no capital expenditure was claimed by the assessee in its income and expenditure account in any of the earlier years. Respectfully following the decision from Hon’ble jurisdictional High Court, we affirm the stand of the ld. Commissioner of Income Tax (Appeals). Appeal of the Revenue is dismissed.
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