TMI Blog2014 (12) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... es of Dr. T.M.A. Pai Foundation (2010 (2) TMI 1156 - ITAT BANGALORE ), Academy of General Education (2015 (9) TMI 272 - ITAT BANGALORE ) following the decision of the Hon'ble Bombay High court in the case of CIT V Institute of Banking reported in (2003 (7) TMI 52 - BOMBAY High Court ). Following the decisions of the Hon'ble Bombay High Court in the case of Institute of Banking (supra) and of the co-ordinate benches (cited supra in this para), we uphold the order of the learned CIT (Appeals) in allowing the assessee's claim for depreciation on new assets acquired and put into use during the relevant previous year under consideration, even if the entire cost of those assets have been claimed by the assessee and allowed as application of it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return was processed under section 143(1) of the Act and the case was subsequently taken up for scrutiny. The assessment was completed under section 143(3) of the Act by order dt.27.12.2012 wherein the assessee's deficit was determined at (-) Rs./12,44,699, computed as under :- Gross receipts as per Income Expenditure A/c. : Rs.3,15,10,758. Capital Gains as declared : Rs.3,94,74,840 Rs.7,09,85,598 Less : 1) Application as per Income Expenditure A/c. Rs.5,45,85,197 2) Capital Expenditure : Rs.47,08,725. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing the claim of depreciation on capital assets acquired during the year as it tantamount to double deduction. Ground No.3 : The learned CIT (Appeals) ought to have considered the decision of the Hon'ble High Court of Kerala in the case of M/s. Lissie Medical Institution (ITA 42 of 2011) Depreciation 3.1.2 In the grounds raised above, revenue challenges the order of the learned CIT (Appeals) in allowing the assessee's claim for depreciation of the addition to assets during the relevant period, even though the entire cost of these assets acquired in the relevant previous year has been claimed by the assessee as application of its income for its charitable activities. The learned Departmental Representative submits that this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of ACIT V Adichunchunagiri Trust reported in 49 ITCL 544. The learned Authorised Representative submitted that, subsequent to the passing of the impugned order by the learned CIT (Appeals), another co-ordinate bench of the Tribunal in the case of a Group Trust, Dr. T.M.A. Pai Foundation has held the very same issue, of the allowability of depreciation on addition to assets during the relevant period, in favour of the assessee in ITA No.1140/Bang/2013 dt.21.3.2014. The learned Authorised Representative submitted that, in view of the favourable decisions of the Hon'ble Courts and of the co-ordinate Bench of this jurisdictional Tribunal referred to and placed reliance upon, the revenue's appeal is liable to be dismissed. 3.3.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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