2011 (12) TMI 562

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....This appeal of the department is directed against the order passed by the Ld. CIT(A) XXI, New Delhi dated 27.7.2011 relevant to asstt. year 2007-08 raising the single ground that CIT(A) has erred in allowing depreciation amounting to Rs. 93,70,596/- on certain fixed assets particularly when full cost of such assets stood allowed in earlier years as application of income and further allowance by wa....

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....28, CIT vs. Rao Bahadur Calavala Cunnan Chetty Charities (1982) 135 ITR 485 the Madras High Court, CIT vs. Institute of Banking Personnel Selection, Taxman 386 (Bom.), Director of Income Tax (Exemption) vs. Framjee Cawasjee Institute, 109 CTR 463 (Bom.), CIT vs. M/s. Tiny Tots Education Society in ITA No. 93 of 2010, the Hon'ble Punjab & Haryana High Court vide its order dated 28.7.2010 in order t....

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....Escorts Ltd. & Others as under :- "9. In the present case the assessee is not claiming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue. The income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purposes of t....

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....d upon the order of Ld. CIT(A) and pleaded for its confirmation as not only one High Court but various High Courts have also taken the similar view and Ld. CIT(A) has placed reliance upon latest decision of Hon'ble P & H High Court to allow the appeal of the assessee whose order should be upheld and the appeal of the revenue may be dismissed. 5. We have heard both the sides, considered the materi....