2011 (4) TMI 75

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....lant.   ADARSH KUMAR GOEL, J.   This appeal has been preferred by the revenue under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, Chandigarh dated 25.5.2010 in ITA No.428/Chd./2010 for the assessment year 2007-08 claiming following substantial question of law:-   "1. Whether on the facts and in the c....

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.... computed as per provisions of sections 11 to 13 of the Income Tax Act, 1961 as question of depreciation does not arise when capital expenditure is also considered as application of income of the assessee and there remains no assets/WDV for claim of depreciation?   3. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was justified in law in upholding the order of ....