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TMI Blog2014 (12) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... n these memo of Appeals, the Revenue refers to the object of the Trust and which is to offer medical reliefs and spread medical science, to establish and maintain and support hospital health centre, dispensaries with or without medical schools and nursing institutions or any of them for treatment of patients suffering from diseases or accident etc. 2. A return of income was filed and the Assessee declared the income as Nil. The return was processed and scrutinized. There was an exemption under section 11 of the Income Tax Act, 1961 claimed by the Assessee. However, the Assessing Officer arrived at a conclusion that the application of the Assessee seeking approval for exemption under section 10(23)(c)(iv) of the Act for the Assessment Years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings between the parties. However, and pertinently the Commissioner referred to the order of the Income Tax Appellate Tribunal and delivered in the case of the very Assessee, being ITA No.1843/Mum/2008 decided on 22 July 2009. The Commissioner held that against this order and which was in favour of the Assessee, the Revenue's Appeal was dismissed by this Court being Income Tax Appeal No.2990 of 2009 and decided by this Court on February 9, 2010. 6. The Commissioner found that the receipts of Rs. 162.53 crores and as against which expenditure amount spent is Rs. 138.82 including capital expenditure on purchase of equipments of Rs. 6,94,43,011/-, percentage of profit is 14.6%, which is lower than 15% permitted to be accumulated a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... do not find that such order of the Tribunal can raise any substantial question of law. The repeated exercise by the Revenue and attempt of Mr.Chotaray to get over these binding orders does not impress us at all. 9. It has been consistently observed and equally in some other cases of charitable and philanthropic activities and institutions carrying on the same that the income which has been spent for acquisition of assets would not mean that thereafter the depreciation on these assets in subsequent years cannot be taken into account. Our attention has rightly been invited to an order passed by the Division Bench, to which one of (S.C.Dharmadhikari, J.) was a party in Income Tax Appeal No.797 of 2012 decided on 26 September 2014. 10. We are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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