9911796707
TMI Blog2011 (5) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... DR ORDER PER B.C. MEENA, ACCOUNTANT MEMBER : This appeal filed by the revenue arises out of the order of CIT (Appeals)-XXI, New Delhi dated 28.05.2010. The grounds of appeal read as under :- "1. On the facts & in the circumstances of the case, the Ld. CIT (A) has erred in allowing depreciation which the A.O. had added back to the tune of ₹ 36,53,818/-. 2. The appellant craves leave to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l as the decision of Hon'ble Supreme Court and the CIT (A) has granted the relief on that basis. The learned DR was also not having any other contention in this regard. 4. After hearing both the sides, we find that the CIT (A) has granted the relief to the assessee by holding as under :- "7. In ground No.6 the appellant has raised issue regarding not allowing deduction of ₹ 36,53,818/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus, the ratio laid down in the above case is not applicable in the case of assessments of income derived from property held under trust wholly for charitable or religious purpose. The sections dealing with such assessments do not specifically debar deduction on account of depreciation as provided for u/s.35(2)(iv). There has never been a dispute that in case of charitable trust, the income shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income is a condition for allowing benefit of exemption to a charitable institution. It has nothing to do with computation of income and is not a deduction. Therefore, the argument proffered by the AO's that the appellant is claiming double deduction has no substance and is to be rejected. In coming to this conclusion, reliance is placed on the judgment of Hon'ble ITAT, Delhi Bench, &# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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