2015 (11) TMI 629

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....Mehta, Chartered Accountant, for the appellant. K. K. Jaiswal for the respondent. ORDER 1. R. S. Syal (Accountant Member).-This appeal by the assessee is directed against the order passed by the Commissioner of Income-tax (Appeals) on December 26, 2014 denying depreciation under section 32(1) of the Income-tax Act, 1961, on the premise that the assessee being a charitable institution has ....

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....n) v. Charanjiv Charitable Trust [2015] 4 ITR-OL 180 (Delhi). The assessee is aggrieved and is in appeal against the denial of depreciation. 3. I have heard the rival submissions and perused the relevant material on record. It is noticed that the assessee was allowed depreciation by the hon'ble Delhi High Court vide its judgment dated November 27, 2013 in a bunch of appeals led by DIT(E) v.....

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.... assessee's own case for the immediately preceding assessment year has held that depreciation is allowable as separate deduction apart from application of income. The learned Commissioner of Income-tax (Appeals) has relied on the judgment in the case of DIT (Exemption) v. Charanjiv Charitable Trust [2015] 4 ITR-OL 180 (Delhi) in which it has been held that where in case of a trust, lots of ass....

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....t [2015] 4 ITR-OL 180 (Delhi) deciding the issue against the assessee and the earlier judgment in the case of Indian Trade Promotion Organisation (which also includes the assessee) in favour of the assessee. On consideration of these two views, the hon'ble High Court in its latest judgment has decided to allow depreciation on capital asset in the computation of income apart from treatment of p....