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Director of Income Tax (Exemption) , Mumbai Versus M/s. G.D. Birla Medical Research And Educational Foundation

2016 (2) TMI 901 - BOMBAY HIGH COURT

Entitled to a claim of deduction on account of depreciation in respect of the assets which has been acquired and used for the purpose of activities of the trust - Held that:- Amount spent on acquiring assets are taken as application of income for the purposes of Section 11 of the Act and the depreciation claimed thereafter on the same amount i.e. the value of fixed assets during the subsequent years is being granted on the user of the same. There is no question of double deduction in allowing of .....

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l 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 and 2008-2009. 2. At the time of admission, the Revenue urges following question of law for our consideration: Whether on the facts and circumstance of the case and in law, the Tribunal w .....

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2007-08 & 2008-09 respectively? 3. The common impugned order of the Tribunal has dismissed the Revenue's appeal from two separate orders both dated 19th March 2012 of the Commissioner of Income Tax Appeal [CIT (A)] for Assessment Years 2007-08 and 2008-09 respectively. The issue before the Tribunal was whether the respondent - assessee, a charitable trust was entitled to a claim of deduction on account of depreciation in respect of the assets which has been acquired and used for the purp .....

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ithout 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 .....

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