2012 (9) TMI 1073

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....assed by the Commissioner of Income-tax (Appeals)-V, Bangalore, dated.09.08.2011.   02. The brief facts are that the assessee is a Trust duly registered u/s.12A of IT Act, 1961. The year under appeal is assessment year 2006-07 for which the assessee has filed the return of income on 09.10.2006 showing a net deficit of Rs. 1,84,55,005/-. The return filed was accepted u/s.143(1). Later notice u/s.148 was issued, in response to which the assessee filed a letter requesting that the return filed on 09.10.2006 be treated as filed in response to notice u/s.148 of the IT Act. Subsequently the case was selected for scrutiny and assessment order was passed on 26.12.2008 u/s.143(3) r.w.s.147 of the Act. Accordingly, taxable income was deter....

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....lore-A Bench in ITA No.889/Bang/2009 dated.30.06.2010 in the appellant's own case wherein it was held that the appellant was entitled for depreciation. The Hon'ble ITAT followed the decision of Hon'ble Bombay High Court in the case of CIT v. Institute of Banking 264-ITR-114 on this issue. In view of this the Assessing Officer is directed to allow depreciation and the appeal is allowed." 04 Now, the Revenue is aggrieved and is in appeal before us, on the following grounds of appeal : i) The Commissioner of Income-tax (Appeals) erred in following the order of ITAT in ITA No.889/Bang/2009 dated.30.06.2010 in the assessee's own case and holding that the assessee is entitled for depreciation. The learned Commissioner of Inc....

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....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 Tribunal observed as under : "7.5 The Hon'ble jurisdictional High Court in the case of CIT v Society of the Sisters of St. Anne (146 ITR 26 had categorically held that the amount of depreciation debited to the accounts of a charitable institution is to be deducted to arrive at the available income for the purpose of application to charitable and religious pur....