TMI Blog2012 (8) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... income of any other person but such claim is allowable in the case of trusts/societies in order to make their working viable. - Decided in favor of assessee. Deduction claimed u/s 35(2)(iv) while computing the business income is not applicable to trusts/societies, as their income is not required to be computed in terms of section 28 to 44 of the Act, but is required to be computed in accordance with section 11 to 13 - Decided in favour of assessee. - ITA No. 1378/HYD/2011 - - - Dated:- 28-6-2012 - SHRI D. KARUNAKARA RAO, AND SHRI SAKTIJIT DAY, JJ. Appellant by : Shri K. Viswanathan Respondent by : Shri K.A. Sai Prasad ORDER PER D. KARUNAKARA RAO, A.M: This appeal by the revenue is directed against the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,811/-. Accordingly, he disallowed the said depreciation following the decision of Hon ble Supreme Court in the case of Escorts Ltd. Another Vs. UOI, 199 ITR 44. Aggrieved, the assessee carried the matter in appeal before the CIT(A). 3. Before the CIT(A), the AR of the assessee submitted that the assessee had furnished a detailed explanation regarding allowability of depreciation citing various case laws. He further relied on the decision in the case of CIT Vs. Institute of Banking, 264 ITR 110 (Bom.), as also the decision of the Hon ble Punjab Haryana High Court in the case of CIT Vs. Market Committee, Pipli, 330 ITR 16 to support his contention. After considering the submissions of the assessee, the CIT(A) analysed the issue with v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Memorial Education Trust, CIT Vs. Market Coommitte, Pipli, 330 ITR 16, it is clear that the claim of depreciation of Rs. 52,08,881/- could not have been denied to the appellant. Ground No. 3 is, therefore, decided in favour of the appellant. 4. Aggrieved by the order of the CIT(A), the revenue is in appeal before us. 5. Before us, the learned DR relied upon the order of the Assessing Officer while the learned counsel for the assessee canvassed that the issue is covered by the decision of the co-ordinate bench of Tribunal in the case of ADIT Vs. M/s Kamineni Educational Society, Hyderabad in ITA Nos. 1303, 1304 1305/H/2010 for Assessment Years 2002-03 to 2005-06 vide order dated 28th December, 2010. A copy of the said order has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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