Case Law Details
Indian Institute of Engineering Technology Vs DCIT (Madras High Court)
With regard to disallowance of depreciation, it is not disputed by the learned Senior Standing Counsel for the Revenue that the issue is clearly covered in favour of the assessee by the decision of the Hon’ble Supreme Court in the case of CIT Vs. Rajasthan and Guajrati Charitable Foundation [reported in (2018) 402 ITR 441] wherein it was held that normal depreciation could be considered as a legitimate deduction in computing the real income of the assessee on general principles or under Section 11(1)(a) of the Act. Thus, applying the said decision, substantial question of law No.2 is answered in favour of the assessee.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
We have elaborately heard Mr.R.Vijayaraghavan, learned counsel appearing on behalf of the appellant – assessee and Mr.J.Narayanasamy, learned Senior Standing Counsel appearing for the respondent – Revenue.
2. This appeal, filed by the assessee under Section 260A of the Income Tax Act, 1961 (for short, the Act) is directed against the order dated 22.6.2018 made in ITA.No.2093/Chny/2016 on the file of the Income Tax Appellate Tribunal, Chennai ‘B’ Bench (for brevity, the Tribunal) for the assessment year 2012-13.
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