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2020 (3) TMI 348

..... the assessee is undoubtedly promotion of sports, games and providing recreation facilities to the public at large and to the members in particular and therefore receipts on account of compensation from decorator against gymkhana function, miscellaneous income and compensation from caterer (restaurant) cannot be construed as activities in the nature of trade, commerce or business for the purpose of the proviso to Section 2(15) - Also Depreciation to assessee trust did ot lead to double deduction - Decided in favour of assessee - INCOME TAX APPEAL (IT) NO.1654 OF 2017 - 2-3-2020 - UJJAL BHUYAN & MILIND N. JADHAV, JJ. Mr. Pritish Chatterjee i/by Mr. Sham Walve, Advocate for the Appellant. Mr. Nitesh Joshi with Mr. A.K. Jasani, Advocate for .....

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..... 99 ITR 43 it was held that since section 11 of the Income Tax Act provides for deduction capital expenditure incurred on assets acquired for the objects of the trust as application and does not specifically and expressly provide for double deduction on account of depreciation on the same very assets acquired from such capital expenditure, no deduction shall be allowed under Section 32 for the same or any other previous year in respect of that asset as it amounts to claiming a double deduction? (c) Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in relying upon the judgment of Hon ble High Court in the case of CIT Vs. Institute of Banking Personnel Selection without appreciating the fact that Departme .....

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..... duction in its return of income? (f) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in relying upon the decision of Tribunal in ITA No.7375/Mum/2011 dated 30.10.2015 and holding that reopening of the assessment by AO u/s. 147 of the Act was made on covered issues and no fresh material was there for reopening? (g) Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in holding that reopening u/s 147 of the Income Tax Act, 1961 was made on covered issues and no fresh material was there for reopening, without appreciating the facts that the assessee had claimed excessive allowance or relief and double deduction on account of depreciation in its return of inco .....

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