2011 (1) TMI 1423

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.....Verma, Adv. and Shri Ashish Goyal, C.A. For the Respondent: Shri Pradeep Kumar Mitra, Sr. DR O R D E R PER R. C. SHARMA, A.M. I.T.A.Nos. 171 to 173/Ind/2010 (Revenue's appeal) : These are the appeals filed by the assessee and the Revenue against the order of ld. CIT(A) dated 4.1.2010 for the assessment years 2004-05, 2005-06 and 2006-07. 2. There are common issues in all the app....

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....ctional High Court in the case of CIT vs. Raipur Pallotine Society, 180 ITR 579 (MP), issue was decided in assessee's favour. Precise observation of Hon'ble High Court was as under :- "Depreciation is the exhaustion of the effective life of a fixed asset owing to "use" or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is fin....

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....disallowance of depreciation. 7. In the result, the appeals of the Revenue for assessment years 2004-05 and 2005-06 are dismissed. 8. Grievance of the assessee in all the years relate to AO's denial to carry forward deficit in the application of funds. 9. At the out-set, the ld. Authorized Representative submitted and relied on the decision of the I.T.A.T. in the case of Sarvajanik Jankal....