TMI Blog2013 (4) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the case law CIT Vs. Vegetable Products (1973 (1) TMI 1 - SUPREME Court) holding that in case of divergent judicial precedents, the one which favours the assessee has to be adopted and confirm the CIT(A)’s findings allowing the claim of depreciation holding it as “application of income on stated charitable objects” - Decided in favour of assessee. - I.T.A.No.2261/Mds/2012, I.T.A.No.2262/Mds/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals by a common order. 2. A perusal of the grounds raised in appeal makes it clear that the array of pleadings by the Revenue read as follows:- (i) The order of the learned Commissioner of Income tax (Appeals)-I, Coimbatore [CIT(A)] is against law and facts of the case. (ii) The CIT(A) has erred in law allowing the claim of depreciation holding it as application of income on stated ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter that decided that such claim of depreciation cannot be allowed. (vi) The adverse appellate decision in the case of M/s.Coimbatore Stock Exchange Limited, relied upon by the CIT (A) has not been accepted by the Department, and tax case appeal has been filed. (vii) For these and other grounds, that may be adduced at the time of hearing, the order of the[CIT(A)] may be cancelled and that o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, relief qua deprecation would lead to double deduction. 7. In appeal by the assessees, the CIT(A) placed reliance on the decisions of Hon ble Punjab and Haryana High Court in the case of CIT Vs Market Committee, Pipli (2011) 330 ITR 16 (P H) and CIT Vs Tiny Tots Education Society (2011) 330 ITR 21 distinguishing the case of Escorts India Limited Vs Union of India (199 ITR 43) and held t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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