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TMI Blog2016 (9) TMI 1584X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri M.K. Patel, AR ORDER PER R.P. TOLANI, JUDICIAL MEMBER:- These two appeals by the Revenue are directed against the orders of the Commissioner of Income-Tax (Appeals)-II, Surat dated 20.12.2013 and 19.12.2013 for AYs 2005-06 and 2010-11 respectively. The Cross-objection filed by the assessee is directed against the order of the ld. CIT(A)-II, Surat dated 20.12.2013 for AY 2005-06. 2. Befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT vs. Institute of Plasma Research in ITA No.1506/Ahd/2009 dated 21.02.2011, holding as under:- "5.1 In the context of issue before us, Hon'ble jurisdictional High Court in CIT v. Sheth Manilal Ran Chhoddas Vishram Bhavan Trust, 198 ITR 598(Guj) held as under: Whether depreciation has to be allowed as a necessary deduction for computing the income of a charitable institution was the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 25 per cent as laid down in section 11(1)(a) of the Act, " income " has to be computed under the various heads enumerated in the Income-tax Act. It held that the income from the properties held under trust would have to be arrived at in the normal commercial manner without classification under the various heads set out in section 14. It held that the expression " income has to be understood in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.2 Similar view has been taken by Hon'ble Punjab and Haryana High Court in CIT vs. Market Committee, Pipli [2010] 45 DTR (P&H) 381 when it was held that depreciation is allowable on capital assets from the income of charitable trust for determining the quantum of fund which have to be applied for the purposes of the trust in terms of section 11. 5.3 In the light of view taken in the aforeci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Institute of Plasma Research (supra), relying on judgment of Hon'ble jurisdictional High Court in the case of Sheth Manilal Ran Chhoddas Vishram Bhavan Trust (supra) and the amendment u/s 11(6) by Finance Act, 2015 with effect from 01.04.2015, we uphold the order of ld. CIT(A). Thus, both the Revenue's appeals are dismissed. 7. In the result, Revenue's appeals and assessee's Cross-obje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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