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TMI Blog2017 (10) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... R P. C. 1. The questions (B) and (C), out of the four proposed {(A) to (D)} by the appellant/Revenue at pages 6 & 7 of the paper-book as substantial questions of law, read thus: "(B) Whether on the facts of the case and in law the Hon'ble Tribunal erred in allowing the assessee had investment of Rs. 25 lakhs with Canara Robeco Mutual Fund which was not permissible under Section 11(5)(2)(b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ("the Act" for short), what the Assessing Officer noted in relation to their returns is that, firstly, depreciation has been claimed of Rs. 2,26,21,694/on assets as application of income under Section 11(1)(a) of the Act. This depreciation was claimed although the capital expenditure incurred on these assets has already been allowed as application of income. The Assessing Officer came to the concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and that Special Leave Petition is admitted. Hence, this question is still at large and admittedly it is a question of law. 5. On the other hand, the assessee's counsel would submit that there is no escape from the conclusion. As far as this Court is concerned, it has been consistently taking the view that this complaint or objection of the Revenue about double deduction is without substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal and particularly paragraph 7 and paragraph 7.1. 9. We do think that these findings of the Tribunal raise substantial questions of law. The appeal is, therefore, admitted on questions (B) and (C). 10. The Registrar (Judicial)/Registrar, High Court, Original Side, Bombay to ensure that the original record in relation to this appeal is summoned from the Tribunal and offered for inspection ..... X X X X Extracts X X X X X X X X Extracts X X X X
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