TaxTMI 
TaxTMI 
2016 (9) TMI 1046
X X X X Extracts X X X X
X X X X Extracts X X X X
....r, these are being disposed of through this consolidated order. We, however, prefer to adjudicate them one after the other. ITA Nos.485 & 486/B/13 2. In these appeals, the revenue has assailed the order of the CIT(Appeals) that the CIT(A) has not followed the order of the Tribunal in the case of M/s. C M R Janardhana Trust in ITA Nos. 642 & 643/Bang/2008 dated 24.12.2008 in which it was held that if the entire amount of capital asset purchased during the year is treated as application of income, then no further deduction can be allowed for depreciation as the value of entire capital asset is treated as application of income and the CIT(A) has allowed the appeal of the assessee after holding that the assessee is entitled for depreciati....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e co-ordinate bench of this Tribunal in the assessee's own case for Assessment Year 2006-07 in ITA No.983/Bang/2011 of 17.9.2012 it has been as under at para 5 thereof: "05. At the time of hearing, the learned DR relied on the grounds of appeal and reiterated the same as its submissions, but nothing was brought on record to show that the earlier decision of this Tribunal in assessee's own case has been reversed by the Hon'ble High Court of Karnataka. In such facts and circumstances, we are bound to follow the earlier order of the Tribunal, that too in assessee's own case, there being no change in the facts and circumstances of the case in this appeal also. In the said order, while allowing the assessee's appeal, the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hat the CIT(Appeals) has rightly adjudicated the issue in holding that the assessee is entitled for depreciation. Accordingly, the order of the CIT(Appeals) stands confirmed. ITA Nos.307 & 308/B/2013 7. In these appeals, the assessee has assailed the order of the CIT(Appeals) inter alia on the following common grounds. For the sake of reference, the grounds raised in ITA No.307/B/2013 are extracted hereunder:- "1. The order of the learned Commissioner of Income tax (Appeals)-V, Bangalore is opposed to law and on facts of the case. 2. Accumulation or Set apart of income under Section l1(1)(a): (a) The learned CIT (Appeals)-V, Bangalore has erred in law in dismissing the appellant's claim for accumulation ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....amount to an application as envisaged under Section 11 (1)( a) of the Income tax Act, 1961 and thereby not consider the investment made on fixed deposits amounting to Rs. 4,59,21,115/- as application of income. (b) The learned CIT (Appeals)-V, Bangalore has grossly ignored the Board's Instruction No.883-CBDT F.No.180/54/72- IT(Al), dated 24.9.1975 (CBDT Bulletin XXI/l/74, page 157), relied on by the Appellant. 4. Accumulated income treated as deemed income under Section l1(3)(c): (a) The learned CIT (Appeals)-V, Bangalore has erred in law in stating that, the income accumulated for the assessment year 2003-2004 amounting to Rs. 1,95,43,427/- will be taxable in the subsequent assessment year 2009-2010 by overlooking ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d, the ld. counsel for the assessee has contended that for making fixed deposits may not be the object of the assessee trust, but for accumulating the fund for a particular purpose, certain investments in FDRs are required. 11. The ld. DR, on the other hand, has placed reliance upon the orders of CIT(Appeals). 12. Having heard the rival submissions and from a careful perusal of the orders of authorities below, we find that the mode of investment is given in sub-section (5) of section 11 for accumulating the fund. Investment or deposits of money can be made as per sub-section (5) of section 11 of the Act and clause (iii) says that for the purpose of sub-section (2), deposits can be made in any account of the Scheduled Bank or co-operat....