TMI Blog2018 (7) TMI 2204X X X X Extracts X X X X X X X X Extracts X X X X ..... al High Court upheld the findings of the Tribunal for Assessment Year 2009-10 Addition on account of interest income - AO observed that the assessee society had given some loans to Sh. Balkrishan Education and Social Welfare Society and added the notional interest at 12% to the income of the assessee - HELD THAT:- Tribunal deleted the same holding that the interest free funds transferred to Sri Balakrishna Society, having similar charitable objects, have finally reached to Sri Balakrishna Education and Social Welfare Society for construction of school building wherein 600 students of the assessee are studying. On this aspect also there is no allegation that the funds have not reached back finally to Sri Balakrishna Education and Social ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer ( ld. AO ) to allow the exemption under section 11 (1) of the Act to the assessee. Additional ground in ITA No. 4133/Del/2015 relates to the deletion of addition of ₹ 10,80,000/-made by the Ld. AO on account of interest income. So also the other additional ground involved in other two appeals are against the allowance of depreciation on the assets purchased by the application of the receipts. It is submitted on behalf of the assessee that all these issues are squarely covered by the decisions of the coordinate bench of this Tribunal in assessee s own case. 3. Briefly stated facts are that the assessee is registered under the Societies Registration Act, 1860 and also registered under section 12AA(1) of the Income Tax Act ( the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no change in the facts and circumstances of the case from the years 2009-10 and 2012-13. Hon ble jurisdictional High Court in ITA 871/2017 by order dated 30/10/2017 dealt with these aspects and upheld the findings of the Tribunal for the Assessment Year 2009-10. 6. On a careful perusal of the orders of the Tribunal and of the Humble High Court we are convinced that the facts continue to be the same and there is no reason for us to take a different view from the view taken for the assessment years 2009-10 and 2012-13. With this view of the matter we do not find any illegality or irregularity in the impugned orders, as such there is no reason for us to interfere with the same. We therefore dismiss the grounds of appeal relevant to this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purchase of assets was an application of income and hence the grant of depreciation would amount to double benefit. This issue was considered by the coordinate bench of this Tribunal in ITA No. 5043/Del/2015 in the light of the decision of the Hon ble Apex Court in CIT vs. Rajasthan and Gujarati Charitable Foundation, Poona (2018) 89 taxmann.com 127 (SC) to reach a conclusion that subsection (6) of section 11 was inserted by Finance Act, 2014 and is only prospective in nature, as such, depreciation cannot be disallowed. While respectfully following the same, we dismiss the grounds of appeal of revenue relating to this issue. 10. Cross objections are not pressed by the assessee, as such, there dismissed as not pressed. 11. In the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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