https://www.taxtmi.com/caselaws?id=177906 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim for exemption under section 11 of the Income Tax Act. It affirmed that depreciation on assets should be allowed even if the cost had been treated as an application of funds, dismissing the Revenue's argument of double deduction. The Tribunal relied on precedents from the Bombay High Court and the Punjab & Haryana High Court to support its conclusion. Consequently, the Revenue's appeals were dismissed, and the orders of the CIT(A) were upheld, confirming the assessee's entitlement to exemption and depreciation on assets. en-us Tue, 08 Feb 2011 00:00:00 +0530 Tue, 16 May 2023 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177906 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim for exemption under section 11 of the Income Tax Act. It affirmed that depreciation on assets should be allowed even if the cost had been treated as an application of funds, dismissing the Revenue's argument of double deduction. The Tribunal relied on precedents from the Bombay High Court and the Punjab & Haryana High Court to support its conclusion. Consequently, the Revenue's appeals were dismissed, and the orders of the CIT(A) were upheld, confirming the assessee's entitlement to exemption and depreciation on assets. Case-Laws Income Tax Tue, 08 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177906