TMI Blog2011 (4) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... owable Depreciation on fixed asset - the assessee is not claiming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue. The income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purposes of the trust. There is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITAT was justified in holding that the expenditure of Rs.9,56,027/- claimed to have been contributed to HSAM Board under statutory obligation by virtue of Section 27 of the Punjab Agricultural Produce Market Act, 1961 is allowable without appreciating that no evidence could be produced by the assessee to prove that such expenditure was actually incurred and whether such contribution can be treated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iation when capital expenditure on the asset has already been allowed in the light of the Apex Court s decision in Escorts Limited Vs UOI (199-ITR-43) to the effect that in the absence of clear statutory indication to the contrary, the statute should not be read as to permit an assessee two deductions on same expenditure." Learned counsel for the appellant fairly states that as for as question ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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