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TMI Blog2014 (7) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... er A. K. Garodia, A. M. This is Revenue's appeal directed against the order passed by learned CIT (A)-II, Kanpur dated 25/11/2013 for assessment year 2010- 2011. 2. The grounds raised by the Revenue are as under: "1. Learned Commissioner of Income Tax (Appeal)-II, Kanpur has erred in law and on facts in directing the AO to allow depreciation of Rs. 17,31,125/- to the assessee without appreciati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer be restored. 4. That the appellant craves leave to modify any of the grounds of appeal mentioned above and/or to add any fresh grounds as and when it is required to do so." 3. Learned D.R. of the Revenue supported the assessment order. He also placed reliance on the judgment of Hon'ble Apex Court rendered in the case of Escorts Ltd. Vs Union of India [1993] 199 ITR 43 (S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Society [I.T.A. No.423/Lkw/2009] (x) The Director of Income Tax, New Delhi vs. All India Management Association, New Delhi, Income Tax Reference No. 36 of 1994 (xi) CIT vs. Bheruka Public Welfare Trust [1999] 240 ITR 513 (xii) Dy.Director of Income Tax (Exemption) vs. M/s G.K.R. Charities [2013] 32 Taxman 208 (Bombay) (xiii) Dy. Director of Income-tax-11(1), Mumbai vs. G.K.R. Charities [I.T.A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot equal to allowing deduction. Allowing exemption means that the income is not liable to tax but the income remains the same and it does not get reduced, although such income is not taxable because of the operation of section 11(1) of the Act. Since in the present case, exemption is allowed at the time of acquisition of assets and depreciation is allowed at the time of user of assets, it does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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