2015 (3) TMI 11

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....t : Mr Sunil Bhandari For the Respondent : Mr Rajesh Choudhary ORDER By The Court : (Per Hon'ble Govind Mathur,J.) For the assessment year 2004-05 the Assessing Officer disallowed assessee's claim for depreciation of Rs. 26,20,926/-. The Commissioner of Income Tax (Appeals) affirmed the order of assessment but the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur by its ord....

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....) v. Charanjiv Charitable Trust, reported in [2014] 43 taxmann.com 300 (Delhi) . In the case aforesaid the Delhi High Court held that if the cost of asset has been allowed as deduction by way of application of income then the depreciation on the same asset cannot be allowed in computation of the income of the trust. Reliance is also placed by learned counsel for the revenue upon a judgment of High....

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....ered as a legitimate deduction in computing the real income of the assessee as per provisions of Section 11(1)(a) of the Act of 1961. It is asserted that deduction of depreciation in case of a charitable institution is permissible in order to preserve the corpus of the trust and, therefore, it does not amount to double benefit or double deduction. To substantiate the contention reliance is placed ....

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....sets. This did not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. We have considered the arguments advanced. The assessee is a charitable institution registered under Section 12-A of the Act of 1961 and 100% capital expenditure was availed by it against the asset concerned i.e. a building. Section 32(....