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The Income Tax Officer Versus M/s The GRD Trust

2015 (5) TMI 1017 - ITAT CHENNAI

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. I .....

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ifetime; the amount of the provision, made in respect of an accounting period, is intended to represent the proportion of such expenditure, which has expired during that period.

It cannot be held that double benefit is given in allowing cl .....

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CIAL 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 .....

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pose of the appeal on merit. 3. Shri N. Madhavan, the Ld. D.R., submitted that the only issue arises for consideration is regarding depreciation on the asset and the investment made on such asset was allowed as application of income under Section 11 .....

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ion. 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 a .....

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capital asset and claimed the same as application of income under Section 11 of the Act. Now the question arises for consideration is when the claim of investment in the capital asset was allowed as application of income, whether the very same asset .....

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IOL-271-HC-DEL and the Punjab & Haryana High Court in CIT v. Market Committee, Pipli (330 ITR 6) found that even though the investment in the capital asset was allowed as application of income under Section 11 of the Act, still the Trust can clai .....

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