Case Law Details
Assessee Trust can claim depreciation on capital assets acquired for the purposes of carrying out charitable activities and set off of deficit of earlier years against income of the current year.
Full Text of the High Court Judgment / Order is as follows:-
1. This Appeal under section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 21-3-2013 passed by the Income Tax Appellate Tribunal (the Tribunal) for the assessment year 2007- 08.
2. The Revenue urges the following questions of law for our consideration :–
“(a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in confirming the order of the Commissioner (Appeals) to allow the claim of depreciation relying on the decision of this Court in the case of CIT v. Institute of Banking Personnel Services 264 ITR 110 (Bom) ignoring the ratio of Hon’ble Supreme Court judgement in the case of Escorts Ltd. Vs. Union of India 199 ITR 43 wherein Hon’ble Supreme Court has held that double deduction cannot be presumed if the same is not specifically provided by law, in addition to normal deduction?
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