TMI Blog2021 (7) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... have been answered against the Revenue as relying on RAJASTHAN AND GUJARATI CHARITABLE FOUNDATION POONA [ 2017 (12) TMI 1067 - SUPREME COURT] . - Decided against revenue. - T.C.A.No.423 of 2014 - - - Dated:- 5-7-2021 - Hon'ble Mr. Justice M.Duraiswamy And Hon'ble Mrs.Justice R.Hemalatha For the Appellant : Mr.J.Narayanasamy, Senior Standing Counsel For the Respondent : Mr.M.K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessing Officer relying on the decision of the Apex Court in the case of Commissioner of Income Tax Vs. Lissie Medical Institutions (348 ITR 344), disallowed the claim of depreciation made by the assessee, amounting to ₹ 2,10,46,625/-. Aggrieved over the order passed by the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), who allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case, the Income Tax Appellate Tribunal is right in holding that depreciation is allowable as application of income on charitable objects? 2)Whether on facts and in the circumstances of the case, the Income Tax Appellate 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 cost of purchase of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 been answered against the Revenue by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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 and T.C.A.Nos.680 681 of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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