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INTERNATIONAL GOUDIYA VEDANTA TRUST Versus ASSISTANT DIRECTOR OF INCOME-TAX (EXEMPTION)

2015 (11) TMI 629 - ITAT DELHI

Denial of depreciation under section 32(1) - the assessee being a charitable institution has claimed exemption for the cost of asset by means of application of its income - Held that:- From the assessment year 2015-16, no depreciation can be allowed in respect of any asset, whose acquisition has been claimed as an application of income. In view of this later legislative insertion which is not applicable to the year under consideration and respectfully following the judgment of the hon'ble jurisd .....

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ccountant Member).-This appeal by the assessee is directed against the order passed by the Commissioner of Income-tax (Appeals) on December 26, 2014 denying depreciation under section 32(1) of the Income-tax Act, 1961, on the premise that the assessee being a charitable institution has claimed exemption for the cost of asset by means of application of its income. 2. Briefly stated, the facts of the case are that the assessee, a registered society under section 12A(a), engaged in providing educat .....

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ght of the judgment of the hon'ble Delhi High Court in the case of DIT (Exemption) v. Charanjiv Charitable Trust [2015] 4 ITR-OL 180 (Delhi). The assessee is aggrieved and is in appeal against the denial of depreciation. 3. I have heard the rival submissions and perused the relevant material on record. It is noticed that the assessee was allowed depreciation by the hon'ble Delhi High Court vide its judgment dated November 27, 2013 in a bunch of appeals led by DIT(E) v. Indian Trade Promo .....

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ctor which determines and decides the quantum of income derived from property held under trust. Computation of income is separate and distinct and has to be made on commercial basis by applying the provisions of the Act". Thus it is manifest that the hon'ble Delhi High Court in the assessee's own case for the immediately preceding assessment year has held that depreciation is allowable as separate deduction apart from application of income. The learned Commissioner of Income-tax (Ap .....

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prastha Cancer Society [2015] 53 taxmann.com 463 (Delhi). Vide its judgment dated March 18, 2014, the hon'ble High Court has held that a charitable institution, which has purchased capital asset and treated the amount spent as application of income, is further entitled to claim depreciation on the same capital asset utilised for business. In its later judgment, the hon'ble High Court also considered the earlier judgment in the case of DIT (Exemption) v. Charanjiv Charitable Trust [2015] .....

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