TMI Blog2012 (12) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the order dated 22.6.211 of CIT(A) for the assessment year 2008-09. The only dispute raised by the revenue in this appeal is regarding allowability of depreciation in respect of capital expenditure incurred for the purpose of section 11 of the Income tax Act and regarding allowability of set off of deficit of earlier year against income of current year. 2. Facts in brief are that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , therefore, assessed the loss as business loss and did not set it off against income from charitable activities. In appeal, CIT(A) following the decision of the Tribunal in the assessee s own case for assessment year 2004-05 in ITA No.4409/M/2007 accepted the claim of the assessee that exhibition activities were incidental to main objects of the assessee. CIT(A) directed the AO to set off losses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material available on record after hearing the ld. DR who supported the order of AO. 4. We have perused the records and considered the matter carefully. The dispute is regarding allowability of depreciation in respect of capital expenditure incurred by the trust for furtherance of its objectives and set off of deficit of earlier years against the income of the current year. It is a settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of considering the application of income. The ld. DR has pointed out that the judgment of Hon'ble High Court of Bombay (supra) has been considered and not followed by the Hon'ble High Court of Andhra Pradesh. But being the Jurisdictional High Court the judgment, the Tribunal is bound by the said judgment and accordingly we allow both the grounds in favour of the assessee and dismiss the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
