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INCOME-TAX OFFICER Versus KONGUNADU ARTS AND SCIENCE COLLEGE COUNCIL

2015 (11) TMI 1119 - ITAT CHENNAI

Claim of depreciation - cost of the asset was allowed under section 11 - Held that:- as application income since the assessee is a charitable institution entitled for exemption under section 11. Therefore, the cost of the asset becomes nil. When the .....

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assessee is not claiming exemption under section 11 of the Act. The assessee can also claim depreciation in case the exemption under section 11 was denied by the Assessing Officer. Whatever may be the reasons, since the cost of the asset is nil as t .....

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ver, section11 falls in Chapter III which provides for incomes which do not form part of the total income. Therefore, this Tribunal is of the considered opinion that the provisions of section 11 of the Act will override section 32. - Decided against .....

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Bench was delivered by 1. N. R. S. Ganesan (Judicial Member).-This appeal of the Revenue is directed against the order of the Commissioner of Income-tax (Appeals)- I, Coimbatore, dated May 27, 2014 and pertains to the assessment year 2010-11. 2. The .....

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g Officer found that the cost of acquisition of the asset was fully allowed earlier as application of income, therefore, there is no question of allowing depreciation on the asset. The learned Departmental representative placed reliance on the judgme .....

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the income of the assessee has to be computed on commercial basis and depreciation has to be allowed. If any income remains after allowing the depreciation, it has to be allowed as application of income. Learned counsel further submitted that there a .....

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visions of section 32 of the Act which provides for depreciation. Depreciation has to be allowed on the cost of the asset. In this case, the cost of the asset was allowed under section 11 of the Act as application income since the assessee is a chari .....

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double deduction. The income of the charitable institution has to be computed on commercial principle in case the assessee is not claiming exemption under section 11 of the Act. The assessee can also claim depreciation in case the exemption under se .....

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