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Director of Income-Tax (Exemptions) Versus Gem And Jewellery Export Promotion Council

2015 (4) TMI 1126 - BOMBAY HIGH COURT

Allowability of depreciation to assessee-trust - Held that:- Revenue's understanding of double deduction is without legal basis. Allowability of depreciation in respect of capital expenditure incurred by the assessee-trust and for the purpose of sect .....

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n, JJ. For the Petitioner : A. R. Malhotra, N. A. Kazi For the Respondent : Kunal Vajani, Kunal Vaishnav, M/s. Wadia Ghandy and Co. JUDGMENT 1. This appeal of the Revenue challenges the order passed by the Income- tax Appellate Tribunal, Bench at Mum .....

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Tribunal. It held that the difference between application of income for acquiring an asset and the claim for depreciation which is in relation to the use or application of the asset for achieving the stated object or purpose has to be borne in mind. .....

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