Court affirms Tribunal's decision granting depreciation to charitable trust for Assessment Years 2007-08 and 2008-09

The court upheld the Income Tax Appellate Tribunal's decision allowing a charitable trust's claim for depreciation on assets used in its activities for Assessment Years 2007-08 and 2008-09. The court dismissed the Revenue's appeal, citing precedents and consistent court rulings supporting the trust's depreciation claim. The court found no substantial question of law to entertain the appeal and dismissed it without costs.

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Issues:
Appeals challenging the order of the Income Tax Appellate Tribunal regarding depreciation claim for Assessment Years 2007-08 and 2008-09.

Analysis:
1. The main issue in this case revolves around the claim of depreciation by a charitable trust for assets used in its activities. The Tribunal's order dismissed the Revenue's appeal based on the decision of the CIT(A) and the precedent set by the Bombay High Court in a previous case.

2. The CIT(A) had allowed the claim of depreciation, citing the Institute of Banking Personnel Selection case, which the Revenue contested by referring to the Escorts Ltd. case. However, the Tribunal upheld the CIT(A)'s decision, stating that a subsequent case, DIT (E) Vs. G.K.R. Charities, supported the initial ruling, and therefore, the Tribunal followed the jurisdiction of the Bombay High Court.

3. The Revenue further argued for the appeal's admission based on a similar case pending before the court, but the respondents highlighted previous dismissals of Revenue's appeals in comparable cases, emphasizing the consistent stance of the court on the issue of depreciation claim by trusts. The court concluded that there was no substantial question of law to entertain the appeal, ultimately dismissing it without costs.

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