TMI Blog2013 (11) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... the earlier assessment year 2007-2008 - The findings of facts so recorded by the Appellate Tribunal are on the basis of cogent material on records - It cannot be said that the findings recorded by the Tribunal are perverse or contrary to the material on record. It is settled law that the findings of fact cannot be upset unless perversity is shown - Decided against Revenue. - Income Tax Appeal No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the appeal preferred by the assessee/respondent. A Co-ordinate Bench of this Court, vide order dated 5.11.2012, admitted the instant appeal on the following substantial question of law : "1. Whether in the facts and circumstances of the case the learned Income Tax Appellate Tribunal erred in law in allowing deduction of Rs.59,92,835/- being depreciation on assets being double deduction as c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ryana High Court in Tiny Tots Education Society (supra), wherein it has been held that depreciation is allowable. Moreover, the Income Tax Appellate Tribunal, while passing the impugned order, has taken into consideration the ratio laid down by the Hon'ble Punjab and Haryana High Court in Commissioner of Income Tax Vs. Market Committee, PIPLI : 45 DTR 381, wherein it was observed that when income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 309/Lkw/11 of this Bench, directing the Assessing Officer to allow the claim of the assessee, the Appellate Tribunal, vide impugned judgment and order dated 20.6.2012, decided the issue in favour of the assessee and against the department. The findings of facts so recorded by the Appellate Tribunal are on the basis of cogent material on records. Therefore, it cannot be said that the findings r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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