TMI Blog2014 (1) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... ciation is allowable even on those assets which have been allowed as deduction when the assets was purchased for the purpose of computing application of income - this doesn't amount to double deduction but computing of applicable income only - The claim of depreciation is allowable even on those assets which have been allowed as deduction when the assets was purchased for the purpose of computing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision of Escorts Ltd. v/s. UOI 199 ITR 43 wherein it was held that since section 11 of the I.T. Act provides for deduction capital expenditure incurred on an asset acquired for the objects of the trust as application and does not specifically expressly provide for double deduction on account of depreciation on the same very assets acquired from such capital expenditure, no deduction shall be al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personnel, 246 ITR 110 for the proposition that the claims u/s 32 is allowable in respect of those assets purchased out of application of fund which are exempted u/s 11 of the Act. 4. Ld DR dutifully relied on the order of the AO. 5. We heard both the parties, perused the orders of the Revenue and the papers filed before us. The limited issue for adjudication before us relates to the applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income only. Respectfully following the decision of jurisdictional High Court, I direct the AO to allow the depreciation and unabsorbed depreciation as per Law. Reliance is also placed on the decision of Hon'ble Punjab Haryana Court in the case of Desh Bhagat Memoral Education Trust, as reported in 37(I)ITCL 131 and the decision of Hon'ble I.T.A.T. in the case of Tiny Tots Education Society re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (AY: 2008-2009) (By assessee) 8. This cross objection filed by the assessee in connection with the order of the CIT(A) -1 Mumbai dated 26.04.2011 for the AY 2008-09. 9. At the outset, Ld. Counsel mentioned that the assessee desires not to press the issue raised in the C.O. before us and to that extent, Ld. Counsel gave the same in writing. Considering the above development before us, we proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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