TMI Blog2014 (12) TMI 1145X X X X Extracts X X X X X X X X Extracts X X X X ..... ue against the order of the Commissioner of Income-tax (Appeals)-I, Coimbatore, dated June 6, 2014 for the assessment year (AY) 2010-11. The only issue raised by the Revenue in appeal is claim of depreciation of the assessee, allowed by the Commissioner of Income-tax (Appeals). 2. The assessee is a trust registered under section 12A of the Income-tax Act, 1961 (hereinafter referred to as the Act ). The assessee filed its return of income for the assessment year 2010-11 on September 30, 2010 declaring its taxable income as nil . In scrutiny assessment, the Assessing Officer held that the assessee is not eligible for claiming depreciation on assets. Under section 11 capital expenditure incurred by the trust is allowable as deduction. Any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ics Ltd. v. Union of India reported as [1993] 199 ITR 43 (SC). 4. On the other hand, Shri Saroj Kumar Parida, appearing on behalf of the assessee vehemently supported the order of the Commissioner of Income- tax (Appeals). Learned counsel for the assessee submitted that identical issue had come up in the assessee's own case in I. T. A No. 1790/Mds/2012 for the assessment year 2009-10 decided on February 14, 2013. The Tribunal placed reliance on the decision of the co-ordinate Bench in the case of Grand Lakes Institute of Management in I. T. A. Nos. 931 and 932/Mds/ 2012 decided on June 22, 2012, the decision of the hon'ble Delhi High Court in the case of Director of Income-tax v. Vishwa Jagriti Mission reported as [2012] TIOL-271 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The hon'ble Punjab and Haryana High Court in the case of CIT v. Market Committee, Pipli [2011] 330 ITR 16 (P H) has held that the income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purpose of the trust. This does not amount to double deduction as contemplated by the Revenue. In view of the settled position we do not find any infirmity in the order of the Commissioner of Income-tax (Appeals). The Revenue in support of its stand has placed reliance on the decision of the hon'ble apex court in the case of J. K. Synthetics Ltd. v. Union of India [1993] 199 ITR 43 (SC). The hon'ble court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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