TMI Blog2015 (4) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The effective ground raised reads as follows:- 1. On the facts and circumstances of the case and in law, the Ld CIT(A) has erred in allowing the double deduction as the value of assets has been claimed as application of income. 2. On the facts and circumstances of the case and in law, the Ld CIT(A) has erred in allowing the depreciation to the extent of ₹ 51,64,064/- of earlier year as deficit and allowing the set off for the same. 3. Briefly stated the facts of the case are as follows. The Assessing Officer in the order completed u/s 143(3) of the I.T. Act (order dated 25.11.2011) disallowed depreciation amounting to ₹ 14,92,992/. According to the AO, the capital cost of asset, on which depreciation is claimed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d his reliance on the judgement of Hon'ble ITAT in the appellant's own case for A. Yr. 2007-08, wherein, Hon'ble ITAT has allowed the issue in favour of the appellant by relying on the judgement of Hon'ble Punjab Haryana High Court in the case of CIT Vs. Tiny Tots Education Society. Furthermore, similar issue has been decided by Hon'ble Delhi High Court in the latest judgement in the case of Vishwa Jagriti Mission, wherein, the Hon'ble Delhi High Court has decided the issue in favour of the appellant (2012- TIOL-271-HC- DEL-IT) by observing as under:- 13 The judgement of the Supreme Court in Escorts Limited Vs. Union of India (Supra) has been rightly held to be inapplicable to the present case. There are to rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appellant's own case and the judgment of Hon'ble Delhi High Court in the case of Vishwa Jagriti Mission as discussed above, ground No.2 of the appellant is allowed. 7. No doubt judgment of Hon'ble Kerala High Court in the case of LISSIE Medical Institution (Supra) is in favour of the Revenue, however, we are bound by the judgment of the Hon'ble jurisdictional Delhi High Court cited supra. The CIT(A) gave relief to the assessee, by following the dictum laid down by the jurisdiction High Court in the case of Vishwa Jagriti Mission (supra). Therefore, we confirm the order of the CIT(A) as correct and in accordance with law and no interference is called for. 8. In the result, the appeal filed by the Revenue is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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