9911796707
TMI Blog2016 (9) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... his consolidated order. We, however, prefer to adjudicate them one after the other. ITA Nos.485 & 486/B/13 2. In these appeals, the revenue has assailed the order of the CIT(Appeals) that the CIT(A) has not followed the order of the Tribunal in the case of M/s. C M R Janardhana Trust in ITA Nos. 642 & 643/Bang/2008 dated 24.12.2008 in which it was held that if the entire amount of capital asset purchased during the year is treated as application of income, then no further deduction can be allowed for depreciation as the value of entire capital asset is treated as application of income and the CIT(A) has allowed the appeal of the assessee after holding that the assessee is entitled for depreciation. 3. During the course of hearing, the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn case for Assessment Year 2006-07 in ITA No.983/Bang/2011 of 17.9.2012 it has been as under at para 5 thereof: "05. At the time of hearing, the learned DR relied on the grounds of appeal and reiterated the same as its submissions, but nothing was brought on record to show that the earlier decision of this Tribunal in assessee's own case has been reversed by the Hon'ble High Court of Karnataka. In such facts and circumstances, we are bound to follow the earlier order of the Tribunal, that too in assessee's own case, there being no change in the facts and circumstances of the case in this appeal also. In the said order, while allowing the assessee's appeal, the Tribunal observed as under : "7.5 The Hon'ble jurisdicti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entitled for depreciation. Accordingly, the order of the CIT(Appeals) stands confirmed. ITA Nos.307 & 308/B/2013 7. In these appeals, the assessee has assailed the order of the CIT(Appeals) inter alia on the following common grounds. For the sake of reference, the grounds raised in ITA No.307/B/2013 are extracted hereunder:- "1. The order of the learned Commissioner of Income tax (Appeals)-V, Bangalore is opposed to law and on facts of the case. 2. Accumulation or Set apart of income under Section l1(1)(a): (a) The learned CIT (Appeals)-V, Bangalore has erred in law in dismissing the appellant's claim for accumulation or set apart of an income of Rs. 1,95,43,427/- under Section 11(1)(a), being 15% of the gross receipts amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,59,21,115/- as application of income. (b) The learned CIT (Appeals)-V, Bangalore has grossly ignored the Board's Instruction No.883-CBDT F.No.180/54/72- IT(Al), dated 24.9.1975 (CBDT Bulletin XXI/l/74, page 157), relied on by the Appellant. 4. Accumulated income treated as deemed income under Section l1(3)(c): (a) The learned CIT (Appeals)-V, Bangalore has erred in law in stating that, the income accumulated for the assessment year 2003-2004 amounting to Rs. 1,95,43,427/- will be taxable in the subsequent assessment year 2009-2010 by overlooking the fact that, the said income was spent within five years from the assessment year 2003-2004. 5. The Appellant craves leave to add, amend or alter any of the forgoing grounds. 6. For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts in FDRs are required. 11. The ld. DR, on the other hand, has placed reliance upon the orders of CIT(Appeals). 12. Having heard the rival submissions and from a careful perusal of the orders of authorities below, we find that the mode of investment is given in sub-section (5) of section 11 for accumulating the fund. Investment or deposits of money can be made as per sub-section (5) of section 11 of the Act and clause (iii) says that for the purpose of sub-section (2), deposits can be made in any account of the Scheduled Bank or co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); meaning thereby, if the assessee makes investments or de ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
