TMI Blog2019 (6) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... held and the ground raised by the Revenue is dismissed. - ITA No. 4284/Del/2016 - - - Dated:- 10-6-2019 - Shri H.S. Sidhu, Judicial Member And Shri R.K. Panda, Accountant Member For the Assessee : Shri Anoop Sharma, Adv. For the Revenue : Shri Surender Pal. Sr. DR ORDER PER SHRI R K PANDA, A.M. This appeal filed by the Revenue is directed against the order dated 6th May, 2016 of the Ld. CIT(Appeals)-40, New Delhi relating to AY 2012-13. 2. The only effective ground raised by the Revenue reads as under: 1. On the facts and circumstances of the case and in law, Ld. CIT(A) has erred in allowing the appeal of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir income under the head profit and gains of business or profession . Therefore, no question of allowance of depreciation u/s 32 of the Act arises in these cases. Relying on various decisions and CBDT clarification dated 03.01.2011 the AO disallowed depreciation of ₹ 1,14,59,837/-. 3.1 Before CIT(A) it was argued that AO is not justified in disallowing the depreciation as the assessee has not claimed any double deduction. It was argued that total depreciation claimed is ₹ 1,17,52,513/- which includes depreciation on building of ₹ 59,39,744/- for which no depreciation has been claimed as the investment in the building was earlier treated as application of income u/s 11(1) of the Act. It was submitted that as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is at least following the ethical principle by not claiming double deductions first by claiming the capital investment as application of income and then claiming depreciation on the same capital assets on which the assessee had got the full deduction which is done by many of the other assessees and the same is being allowed by many of the Hon ble High Courts. 4.4 However, the AO is directed to verify the facts and allow the depreciation and as such the appeal of the assessee is allowed. 5. Aggrieved with such order of the Ld. CIT(A), the Revenue is in appeal before the Tribunal. 5.1 We have considered the rival arguments made by both the sides and perused the orders of the authorities bel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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