9911796707
TMI Blog2016 (7) TMI 1693X X X X Extracts X X X X X X X X Extracts X X X X ..... o.4988/M/2015 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 11 of the Act provides for deduction capital expenditure incurred on assets acquired for the objects of the trust as application and does not specifically & expressly provide for double deduction on account of depreciation on the same very assets acquired from such capital expenditure, no deduction shall be allowed u/s 32 for the same or any other previous year in respect of that asset as it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Hon'ble High Courts. Referring to the issue of allowability of depreciation on the assets acquired by the Trust, by virtue of application of its funds, Ld Counsel brought our attention to various binding judgments viz, the Hon'ble Bombay High Court in the case of CIT vs. Institute of Banking; Bombay Stock Exchange Ltd vs. Deputy Director of Income Tax (Exemption) & Ors; judgment of the Bomba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence declined." 5. On the other hand, Ld DRs relied on the orders of the Revenue Authorities. 6. We have heard both the parties and perused the orders of the Revenue Authorities as well as the cited judgments of Hon'ble High Court of Bombay in the case of CIT vs. Institute of Banking, wherein it was held "that the Tribunal was right in law in direct the Assessing Officer to allow depreciation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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