2012 (3) TMI 513

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... K. Doctor ORDER Rajendra (Accountant Member) In the appeal preferred by the Assessing Officer (AO), two effective grounds of appeal have been raised - "1. On the facts and in the circumstances of the case, and in law, the Ld. CIT(A), Mumbai erred in deleting an amount of Rs. 1,63,87,142/- added in the income of the assessee on the grounds that the assessee had exercised its opti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nder : "Normal depreciation can be considered as a legitimate deduction in computing the real income of the assessee on general principles or under section 11(1)(a) of the Income-tax Act, 1961. Income of a charitable trust derived from building, plant and machinery and furniture is liable to be computed in a normal commercial manner although the trust may not be carrying on any business a....