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2016 (12) TMI 412 - HC - Income TaxAmount appropriated towards the Sinking Funds - whether was a part of the rent received by it and was in the nature of a revenue receipt ? - Held that:- Considering the order of this Court in M/s. M. Visvesvaraya Industrial Research and Development Centre Vs. Commissioner of Income Tax (2012 (11) TMI 235 - BOMBAY HIGH COURT), the above Reference related to Assessment Years 1989-90 and 1990-91 in respect of the applicant assessee itself wherein held The mere use of the term 'sinking fund' and the manner in which the assessee treats the same in its accounts is not decisive of the matter. The assessee is not a co-operative society in which case the question may well be answered entirely differently depending upon the facts of the case. The fact that depreciation has been claimed by the assessee in respect of the plant and machinery and other equipment required for extending the facilities indicates that the sinking fund was utilized for acquiring and maintaining the same for the benefit of the assessee. The income was, therefore, used by the assessee and for the assessee and the assessee retained the benefit arising therefrom An identical question raised therein as here was answered in favour of the Revenue and against the applicant assessee.
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