TaxTMI 
TaxTMI 
2012 (10) TMI 812
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.... facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (A) has erred in allowing depreciation on capital assets amount Rs. 4,55,683/- as the equivalent amount has already been claimed by the assessee as application of money. (ii) On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (A) has erred in deleting the addition of Rs. 13,72,655/- made on account of provision for diminution in the value of investment, as the full amount of accumulation u/s. 11(2) of the Act as claimed by the assessee in revised Form 10 was allowed to the assessee. (iii) The appellant craves leave to add, to alter or amend any ground of appeal raised above at the time of hearing. 3. Apropos issue of d....
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....urpose of the trust. It could not be held that double benefit was given in allowing the claim for depreciation for computing income for purposes of section 11." 6.1 Considering the above, we find that there is no infirmity or illegality in the order of the Ld. Commissioner of Income Tax (A). Accordingly, we affirm the same. 7. Apropos issue of deletion of addition of Rs. 13,72,655/- On this issue the Assessing Officer noted that assessee has claimed Rs. 13,72,655/- as provision for diminution of value of investment. Assessing Officer asked the assessee why this provision for diminution in the value of investment be taken as expenditure. Assessee replied that it was the object of the Society to safeguard its assets and accordingly i....
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..... We find that in this case, Ld. Commissioner of Income Tax (A) has not given a speaking order and not properly dealt with the issue. He has remitted the matter also to the Assessing Officer which was beyond of his jurisdiction. Upon careful consideration, we find that on the facts and circumstances of the case, interest of justice will be served if the matter is remitted to the file of the Assessing Officer. The Assessing Officer is directed to examine the issue afresh. We hold and direct accordingly. 11. In the result, the Revenue's appeal stands partly allowed for statistical purposes. Assessee's Cross Objection 12. The grounds raised in the cross objection read as under:- i) On the facts and circumstances of the case the ....
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....te out of orders of the authorities below. 14.1 Ld. Counsel of the assessee has submitted that he was raising the issue on the anvil of the Hon'ble Apex Court decision in the case of National Thermal Power Company Ltd. vs. C.I.T. 229 ITR 383 (SC). We have carefully considered the submissions and perused the records. We find that in the case cited above, it was held that Tribunal has discretion to allow or not allow a new ground to be raised. But where the Tribunal is only required to consider a question of law arising from the facts which are on record in the assessment proceeding, it was held that such a question can be raised when it is necessary to consider that question in order to correctly the tax liability of the assessee. In o....