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TMI Blog2017 (9) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... onvenience and brevity. 2. At the time of hearing, it was noticed that none appeared on behalf of the respondent-assessee inspite of service of notice by RPAD. On the other hand, the ld. DR appeared on behalf of the Revenue. 3. Accordingly, in view of Rule 25 of the Income Tax (Appellate Tribunal) Rules, 1963, the appeals of the Revenue are being disposed off ex-parte the respondent-assessee after hearing the appellant-Revenue on merits. 4. ITA No. 116/Mum/2017 for Assessment Year 2008-09 is directed against the order of CIT(A)-1, Mumbai dated 13.10.2016, which in turn has arisen from the order passed by the Assessing Officer, Mumbai dated 29.12.2010 under section 143(3) of the Income Tax Act, 1961 (in short 'the Act'). 5. In this appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considering the decision in the case of CIT vs. Institute of Banking personnel selection without appreciating the fact that Department has not accepted the decision in the case Institute of Banking personnel selection on merit but due to smallness of tax effect appeal was not filed before Hon'ble Supreme Court. However, in assessee's case for AY 2007-08, SLP on this issue has been filed by the Department which is pending for adjudication before Hon'ble Supreme Court. 4. Whether on the facts of the case and in law the ld. CIT(A) erred in allowing the carry forward of deficit of Rs. 16,36,50,493/- and allowing set off against the income of the subsequent years, 5. Whether, on the facts and in the circumstances of the case an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Hon'ble Court and in all cases issues are pending for adjudication before the Hon'ble Apex Court. 8. The appellant prays that the order of the Commissioner of Income (Appeals)-I, Mumbai be set aside and that of the Assessing Office be restored." 6. Although the Revenue has raised multiple Grounds of appeal, but the dispute involved in this appeal is on two issues. Firstly, the Revenue is aggrieved by the decision of the CIT(A) in directing the Assessing Officer to allow the benefit of depreciation. Secondly, the grievance of the Revenue is against the action of the CIT(A) in allowing the assessee the benefit of carry forward of the deficit for future set-off. 7. At the time of hearing, it was pointed out to the ld. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case of Maharashtra Industrial Development Corporation (MIDC). Further, it is contested that allowing of depreciation would amount to a double deduction, which was impermissible having regard to the judgment of the Hon'ble Supreme Court in the case of Escorts Ltd., 199 ITR 43 (SC). 10. We find that the decision in the case of Escorts Ltd. (supra) being relied upon by the Revenue before us has been considered by the Hon'ble Delhi High Court in the case of Indraprastha Cancer Society, (2014) 112 DTR 345 dated 18.11.2014, wherein it has been opined that the allowance of depreciation in similar situation would not amount to a double deduction. Further, the Hon'ble Delhi High Court in the case of Vishwa Jagriti Mission, ITA No. 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming the order of the CIT(A) to allow to carry forward of deficit of earlier years relying on the decision of this Court in the case of CIT v/s. Institute of Banking Personnel Services reported in 264 ITR 110 (Bom) while the revenue did not file SLP against the case of CIT v/s. Institute of Banking Personnel Services reported in 264 ITR110 (Bom) due to low tax effect?". stand on the same footing as are being canvassed before us in the instant case. Thus, there is no error on the part of the CIT(A) in following the decision of the Hon'ble Bombay High Court in the assessee's own case and in the case of Institute of Banking Personnel Selection (supra) and allowing the stand of the assessee. The other argument taken by the Revenue that it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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