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2015 (5) TMI 1017 - ITAT CHENNAI

2015 (5) TMI 1017 - ITAT CHENNAI - TMI - Depreciation on the asset and the investment made on such asset allowed as application of income under Section 11 - double deduction - Held that:- Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation is to spread the expenditure, incurred in .....

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ed:- 8-5-2015 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER For the Petitioner : Shri N. Madhavan, JCIT For the Respondent : None ORDER PER 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 18.07.2014. 2. No one appeared for the assessee even though the appeal was adjourned to 21.04.2015 at the request of the assessee. Therefore, we heard the Ld. Depar .....

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ssue, the assessee cannot claim depreciation. However, the CIT(Appeals) allowed the claim. Placing reliance on the judgement of Kerala High Court in Lissie Medical Institutions v. CIT (ITA No.42 of 2011 dated 17.2.2012), the Ld. D.R. submitted that when the investment in capital asset was allowed as application of income, the assessee cannot claim depreciation on the very same asset. 4. We have heard the submission made by the Ld. D.R. and perused the material available on record. It is not in d .....

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