2014 (12) TMI 1167

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....istered under section 12AA of the Income Tax Act, 1961 ( hereinafter referred to as 'the Act') vide order No.PRO-713/10A/VOL-A 11/M 189 dt.23.8.1974 and as a Society was registered on 7.11.1956 under the Societies Registration Act, 1860, with the object of providing medical relief to the poor irrespective of caste, community and religion through the Dr. T.M.A. Pai Rotary Hospital at Karkala and the school of Nursing at Manipal Hospital, Bangalore. For Assessment Year 2010-11, the assessee filed its return of income on 30.10.2010 declaring NIL income claiming its income exempt under section 10(23C)(vi) of the Act. In the return, the assessee has claimed current year's deficit of Rs. 33,08,324 and brought forward unabsorbed defici....

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....to 2009-10 to subsequent years. The learned CIT (Appeals) allowed the assessee's appeal vide order dt.17.7.2013. 3.1.1 Revenue, being aggrieved by the order of the CIT(Appeals), Mysore dt.17.7.2013 for Assessment Year 2010-11, has preferred this appeal before the Tribunal raising the following grounds :- "Ground NO.1 : The learned CIT (Appeals) erred in law by allowing the claim of depreciation on capital assets purchased during the year which have been considered as application of income. Ground No.2 : The learned CIT (Appeals) erred by allowing the claim of depreciation on capital assets acquired during the year as it tantamount to double deduction. Ground No.3 : The learned CIT (Appeals) ought to have consider....

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....ion on addition to assets during the relevant period, the learned CIT (Appeals) followed the decision of the co-ordinate bench of this Tribunal in the case of one of the assessee's group trusts, i.e. Dr. T.M.A. Pai Foundation in ITA No.486 to 491 (Bang)/2009 dt.16.2.2009 for Assessment Years 2001-02 to 2006-07. It was further submitted by the learned Authorised Representative that the decision of the Hon'ble Kerala High Court in the case of Lissie Medical Institutions (supra), relied on by Revenue, was dealt with by a co-ordinate bench of the Tribunal in the case of ACIT V Adichunchunagiri Trust reported in 49 ITCL 544. The learned Authorised Representative submitted that, subsequent to the passing of the impugned order by the learn....