TMI Blog2021 (4) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... income, even though cost of purchase of asset was treated as application of income under section 11? - HELD THAT:- As decided in M/s.National College Council, Teppakulam, Tiruchirapalli [ 2021 (4) TMI 469 - MADRAS HIGH COURT] dismissed the appeals and answered the substantial questions of law against the Revenue. - T.C.A. No. 407 of 2014 - - - Dated:- 8-4-2021 - THE HON'BLE MR. JUSTICE M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inter alia held that the depreciation claimed by the assessee would not be allowable as a deduction in the computation of the funds available for application by the assessee on the premise that the entire cost of the assets were allowed as an application of the funds in the year when the same were purchased. The Assessing Officer also held that the provisions of section 11 is distinct from that o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) Whether in law and in the facts and circumstances of the case, the Tribunal is right in holding that depreciation is allowable as application of income on charitable objects? (ii) Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to claim depreciation on the assets, in the form of application of income, even though ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ichy Vs. M/s.National College Council, Teppakulam, Tiruchirapalli 620 002] wherein the Division Bench held as follows:- ................. 4.When the appeals were taken up for hearing, Mr.J.Narayanasamy, learned Senior Standing Counsel appearing for the appellant Revenue in all the appeals, fairly submitted that the substantial question of law, which has been framed in these appeals, have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 (SC) and the judgment of the Hon'ble Division Bench of this Court made in T.C.A.Nos.680 681 of 2011, the substantial question of law is answered against the Revenue and the appeals are dismissed. No costs. 5. In view of the fair submission made by the learned Senior Standing Counsel, following the Judgment dated 26.02.2021 made in T.C.A.Nos.343 to 345 347 of 2014 [cited supra], the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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