TMI Blog2018 (1) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... tax on account of disallowance of benefit u/s 12AA and further deleted the claim of depreciation. We have gone through the judgment of CIT(A) & ITAT. We are in complete agreement with the view taken by the Tribunal. No substantial questions of law arises. - D.B. Income Tax Appeal No. 337 / 2017, D.B. Income Tax Appeal No. 344 / 2017, D.B. Income Tax Appeal No. 338 / 2017, D.B. Income Tax Appeal No. 339 / 2017 - - - Dated:- 2-1-2018 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appellant : Mr. Daksh Pareek for Mr. Sameer Jain JUDGMENT In these appeals common questions of law and facts are involved, hence, they are decided by this common judgment. By way of these appeals, the appellant has challenged the judgment and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for the purpose of business or profession as provided u/s 32(1)? 3. Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT is right in holding that both depreciation and application of income are to be considered separately to determine the correct income without appreciating that the same tantamounts to double deduction which is not correct as per relevant provisions of the I. T. Act? 4. Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT is right in dismissing the appeal filed by the revenue on the issue of disallowance of depreciation placing reliance on their own decision without appreciating the fact that the Hon ble Supreme Court in the case of Escorts Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sets is allowed as a deduction and the same is treated as application of income u/s 11(1) and claiming depreciation on the same capital assets tantamount to double deduction and is not as per law as these capital assets are not used for the purpose of business or profession as provided u/s 32(1)? 3. Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT is right in holding that both depreciation and application of income are to be considered separately to determine the correct income without appreciating that the same tantamounts to double deduction which is not correct as per relevant provisions of the I. T. Act? 4. Whether on the facts and in the circumstances of the case and in law, the Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X
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