2014 (1) TMI 330

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.... For the Respondent : Shri Manoj Kumar, DR ORDER Per D. Karunakara Rao, AM: This is an appeal by the Revenue against the order of the CIT(A) -1 Mumbai dated 26.04.2011 for the assessment year 2008-2009. Grounds read as under: "Whether on the facts of the case and in law the Ld. CIT(A) erred in allowing the appeal of the assessee on account of disallowing depreciation on fixed ass....

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....ssue is allowability of depreciation u/s 32 of the Act on fixed assets and carry forward benefits of business loss and unabsorbed depreciation involving the Apex Court judgment in the case of Escorts Ltd. Vs. Union of India (supra), the Revenue argues by allowing the above claims, it would amount to case of double deduction. 3. At the outset, Ld. Counsel for the assessee brought our attention t....

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....nsidered the submission of the appellant AR. I find that the AO is not justified in disallowing depreciation and carry forward of unabsorbed depreciation. In find that the Hon'ble Mumbai High Court has held in the case of C.I.T. vs. Institute of Banking Personnel (264 ITR 110) that the depreciation is allowable even on those assets which have been allowed as deduction when the assets was purchased....

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....of the above cited binding judgment of the jurisdictional high Court of the Bombay, the claim of depreciation is allowable even on those assets which have been allowed as deduction when the assets was purchased for the purpose of computing application of income of the Society. Considering the above settled nature of the issue at the level of the Honble High court of Bombay, the order of CIT(A) doe....