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2016 (2) TMI 901

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..... u Port Trust (2015 (6) TMI 684 - BOMBAY HIGH COURT ) and The Watch Tower Bible & Tract Society of India [2015 (1) TMI 480 - BOMBAY HIGH COURT] - Decided in favour of assessee. - Income Tax Appeal No. 2294 of 2013, 22, Income Tax Appeal No. 2295 of 2013 - - - Dated:- 1-2-2016 - M. S. Sanklecha And B. P. Colabawalla, JJ. For the Appellant : Mr A.R. Malhotra with Mr N A Kazi For the Respondent : Mr. Madhur Agarwal a/w Mr. Atul Jasani ORDER P. C. 1. Both these appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (the Act) challenge the common order dated 13th May 2013 passed by the Income Tax Appellate Tribunal (Tribunal). The common impugned order dated 13th May 2013 relates to Assessment Years 2007-08 .....

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..... itute of Banking Personnel Selection ( 264 ITR 110). On appeal to the Tribunal, the Revenue contended that the decision of this Court in Institute of Banking Personnel Selection (supra) was rendered without noticing the decision of the Apex Court in the case of Escorts Ltd. Vs. Union of India (199 ITR 43) and therefore, not binding. However, the common impugned order dated 13th March 2013 of the Tribunal negatives the aforesaid submission and records that in subsequent decision of this Court in the case of DIT (E) Vs. G.K.R. Charities (32 Taxmann.com 208) wherein an identical dispute as raised before it had been raised by the Revenue placing reliance on Escorts Ltd. (supra) was dismissed. In view of the fact that the impugned order of the T .....

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..... harlal Nehru Port Trust (supra) and The Watch Tower Bible Trust Society of India (supra) had come to the conclusion that there is no question of double deduction in allowing of depreciation in respect of assets acquired and used by the Trusts. 7. In view of above, the question as proposed for our consideration stands concluded by the decisions of this Court in the cases of M/s.Jawaharlal Nehru Port Trust (supra) and The Watch Tower Bible Tract Society of India (supra) in favour of the respondents and against the Revenue. 8. Therefore, the question as proposed does not give rise to any substantial question of law. Accordingly, we see no reason to entertain the same. 9. Appeal is dismissed. No order as to costs. - - TaxTMI - .....

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