9911796707
TMI Blog2010 (8) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT Adarsh Kumar Goel, J. - This order will dispose of ITA No. 346 of 2008, I.T.A. No. 318 of 2009 and I.T.A. No. 155 of 2010, as common question of law is involved. 2. I.T.A. No. 346 has been preferred by the revenue under section 260A of the Income-tax Act, 1961 (for short, "the Act") against the order dated 28-9-2007 in I.T.A. No. 140/CHD/2007 passed by the Income-tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in Escorts Ltd. v. Union of India [1993] 199 ITR 43/65 Taxman 420. The appeal of the assessee was allowed by the CIT(A), which order has been affirmed by the Tribunal. The Tribunal held that even if income of the assessee was exempt, claim for depreciation had to be allowed on business principles for determination of extent of application of income of the assessee to comply with the statutory re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is having a strong case in its favour; consequently the assessee is entitled to depreciation and TDS deduction." 4. Learned counsel for the revenue submitted that the Tribunal erred in upholding the claim for depreciation, ignoring the mandate of judgment of the Hon'ble Supreme Court in Escort Ltd.'s case (supra). 5. Learned counsel for the assessee supported the view taken by the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purposes of the trust. There is no double deduction claimed by the assessee as canvassed by the Revenue. Judgment of the Hon'ble Supreme Court in Escorts Ltd.'s case (supra) is distinguishable for the above reasons. It cannot be held that double benefit is given in allowing claim for depreciation for computing income for purposes of section 11. The questions proposed have, thus, to be answered ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
