TaxTMI 
TaxTMI 
2012 (12) TMI 529
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....osed off by this common order for the sake of convenience. 2. Effective grounds of the Revenue, which are common in these appeals, as taken from ITA No.464/Hyd/2012 for assessment year 2005- 06, read as follows- "1. Whether the CIT(A) erred in appreciating the fact that obtaining approval of the prescribed authority is not mandatory as per the plain meaning of the provisions of 10(23C)(vi) of the I.T. Act and it does not call for any interpretation. 2. Whether the CIT(A) erred in appreciating the fact that when gross receipts exceed Rs.1 crore, approval u/s. 10(23C)(vi) is mandatory and assessee is not entitled for exemption u/s. 11 of the I.T. Act. 3. Whether the CIT(A) erred in appreciating the fact that section 10(23C)....
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....0(23C)(vi) of the Act. 4. On this issue, the learned counsel for the assessee, at the outset, mentioned that this issue is covered by series of decisions of this Tribunal, wherein similar grounds of the Revenue were considered and the matter was adjudicated, as in the case of Dy. Director of Incometax( Exemption) Hyderabad, V/s. Exhibition Society, Hyderabad for the assessment year 2006-07 vide order dated 22th March, 2012 in ITA No.1195/Hyd/2009, wherein the Tribunal has set aside the order of the CIT(A) and restored the matter to the file of the assessing officer, for verification, with the following observations- "5. We however, find that the Hyderabad Bench of the Tribunal in Director of Income-tax(Exemption) V/s. Vasavi Academy o....
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....he CIT(A) for the years under appeal and restore the matter to the file of the assessing officer, with a direction to verify the aspect of donation, capitation fee etc., if any collected by the assessee, and further direct that if it is found that besides fulfilling other prerequisites for exemption under S.11, the assessee has not charged any money by whatever name it is called, i.e. donation, building fund, auditorium fee etc, over and above the prescribed fee for the admission of students, the assessee would be entitled for exemption under S.11, even though the notification under S.10(23C)(vi) of the Act have not been received by it. We direct accordingly. 7. The next issue involved in these appeals relates to the addition made on acc....
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....depreciation. Further, it was held by the Cochin Bench of the Tribunal in the case of Dy. CIT V/s. Adi Sankara Trust (46 SOT 230) that where an assessee trust is claiming depreciation on assets where cost of the relevant assets stood claimed as an application of income for a preceding and/or the current year under S.11(1), its claim under S.32(1)is eligible only in respect of business assets and where entire cost of the asset stands allowed by way of application of income under S.11(1), the depreciation claimed by the assessee under S.32(1) is not allowable as the trust is not undertaking any business activity. In view of the above, the Assessing Officer is directed to verify in respect of each asset on which depreciation claimed, whether t....