9911796707
TMI Blog2015 (6) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent-assessee's appeals for the Assessment Year 2006-07 and 2007-08. 2. The appellant raises the following identical questions of law in the two appeals for our consideration, as under: "(i) Whether, on the facts and in the circumstances of the case, and in law the Tribunal in setting aside the order of the CIT(A) confirming the disallowance made by the AO u/s 14A read with Rule 8D of the I.T. Rules 1962 out of expenses relating to investment in tax free bonds. It failed to appreciate that the order of the Bombay High Court in the case of M/s Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT has been contested by way of SLP before the Supreme Court? (ii) Whether, on the facts and in the circumstances of the case, and in law the Tribunal in set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in favour of the respondent-assessee and against the appellant/revenue by the decision of this Court in M/s Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT reported in (2010) 328 ITR 81. We are informed at the bar that the SLP filed by the revenue against the decision of this Court in the M/s Godrej & Boyce Mfg. Co. Ltd. (supra) has also been dismissed. Accordingly, Question No.(i) does not raise any substantial question of law and is thus not entertained. 4. Regarding Question No.(ii): (a) The respondent-assessee had income from bonds which were not forming a part of total income under Section 10(35) of the Act. Thus, according to the respondent-assessee, the above amounts was not to be considered as part of the income for the purpose of it's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) was an order which upheld the view of the Assessing Officer. (e) We find that the order passed by the CIT (Appeals) has not dealt with the decisions cited by the respondent-assessee at the time of hearing before it and merely stating that the same are not relevant does not meet the requirement of natural justice viz. An order supported by reasons. In the above view of the matter, the impugned order of the Tribunal setting aside order of CIT (Appeals) and restoring it to him for fresh consideration cannot be found fault with. Accordingly, Question No.(ii) does not raise any substantial question of law and is accordingly not entertained. 5. Regarding Question No.(iii): (a) The respondent-assessee had claimed depreciation in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ille Parle Kelavani Mandal (supra) the decisions of the Apex Court in Escorts Vs. UOI reported in 100 ITR 43 and of Kerala High Court in Lessie Medias Infotech Vs. CIT reported in 348 ITR 344 were also considered. (d) The grievance of the revenue is that allowing of depreciation in respect of the amount which is already exempt under Section 11 of the Act as application of income for objects of the institution and thereafter granting depreciation as the same would amount to grant of double deduction. Mr. Suresh Kumar, the learned Counsel for the revenue submits that a similar issue arising in the case of Director of Income Tax (Exemption) Vs. Shanmukhanand Fine Arts and Sangitha Sabha in Income Tax Appeal No. 1413/2012 has been admitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsequent years is being granted on the user of the same. Accordingly, in view of the decision of this Court in Institute of Banking (supra) and Ville Parle Kelavani Mandal (supra) rendered on 23 March 2015 and an earlier decision in The Watch Tower Bible and Tract Society of India rendered on 10 December 2014, the Question No.(iii) stands concluded in favour of the respondent/assessee and against the revenue. Accordingly, Question No.(iii) does not give rise to any substantial question of law and is thus not entertained. 6. Regarding Question No. (iv): (a) The respondent-assessee had positive income for subject assessment years. The income in the two assessment years was sought to be set off against the excess application of income in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
