TMI Blog2011 (9) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... CE AKIL KURESHI AND MS JUSTICE SONIA GOKANI MR MR BHATT SR. ADV. WITH MRS MAUNA M BHATT FOR THE APPELLANT MR KR DIXIT FOR THE RESPONDENT COMMON ORAL ORDER (Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Revenue is in appeal against the common judgement of the Tribunal dated 24th July 2009. Since facts are similar in all the appeals, they may be noticed as indicated in Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouvenir to be published by the respondent Trust. The Revenue was of the opinion that since such donations did not carry any specific direction to be formed part of the corpus of the Trust, they would not be tax exempt. The C.I.T. (Appeals) as well as the Tribunal were in total agreement with the Assessing Officer. It is in this background that the Revenue has filed the appeal raising Question (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies, we noticed that the entire issue is squarely covered by the decision of the Division Bench of this Court in the case of Sheth Manilal Ranchhoddas Vishram Bhavan Trust (supra) in which the Court had followed earlier decision rendered by the Karnataka and Madhya Pradesh High Courts making the following observations: Whether depreciation has to be allowed as a necessary deduction for computi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the purpose of computing accumulation in excess of 25 per cent as laid down in section 11(1)(a) of the Act, income has to be computed under the various heads enumerated in the Income-tax Act. It held that the income from the properties held under trust would have to be arrived at in the normal commercial manner without classification under the various heads set out in section 14. It held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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