2017 (9) TMI 245

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....sustainable. 2. Because, learned Commissioner Of Income Tax (Appeals) grossly erred in confirming the disallowance of depreciation Rs. 17,69,550/- without properly appreciating the law on the issue including the one that where there are two views than the one which is favorable to assessee shall apply. 3. Because, learned Commissioner of Income tax (Appeals) further erred in holding the issue as academic is as much as that such disallowance is specifically considered for penalty u/s 271(1)(C) beside other impacts and arguments put forward by the assessee. 4. Because, Without prejudice to above and only as an alternative, learned Commissioner of income tax (Appeals) failed to consider the fact on the record that ev....

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....2001 and renewed subsequently. As per the memorandum filed, the society was established with, the aim to impart education and other charitable activities covered u/s 2(15) of the LT. Act. Society is running a Professional cum Law College at Ghaziabad. Certificate of registration u/s 12AA of the 1. T. Act, 1961 has been granted by the Commissioner of Income Tax, Ghaziabad vide C.No. 57(88)/Registration/GZB/2005-06/562 dated 06.05.2005 and exemption u/s 80G granted vide C.No. 58(l4)/Exemption/CITGZB/ 2004-05/4198 dated 02.12.2005. During the period under consideration society has shown gross receipts of Rs. 12490020/- and total expenditure (including depreciation of Rs. 1769550/-) of Rs. 10951419/-has been shown. Since the society has been ut....

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.... 12 of the IT Act, the returned income was accepted and income of the assessee was completed on NIL income vide order dated 22.1.2013 passed u/s. 143(3) of the Act. Against the assessment order dated 21.1.2013, assessee appealed before the Ld. CTI(A), who vide his impugned order dated 15.4.2015 has dismissed the appeal of the assessee. 3. Aggrieved with the Ld. CIT(A)'s order dated 15.4.2015, assessee is in appeal before the Tribunal. 4. During the hearing, Ld. Counsel of the assessee has filed a small Paper Book containing pages 1 to 21 in which he has attached the copy of Audit Report /Audited Financial Statements for AY 2010- 11; Copy of order of CIT(A) for AY 2012-13; copy of order of Hon'ble Delhi High Court in the case of Indrap....

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....f the Assessee]." 6.2 We further find that on similar and identical issue, the ITAT, 'G' Bench, New Delhi in the case of Kesar Charitable Trust passed in ITA No. 5632/2015, order dated 5.4.2016 has held as under:- "11. The Counsel of the assessee took our attention to the decision of the Hon'ble Jurisdictional High Court in the case of DIT(Exemption) vs. Indraprastha Cancer Society (2015) 53 taxmann.com 463 (Del) wherein similar question arose i.e. whether a charitable institution, which had purchased capital assets and treated the amount spent on purchase of capital assets as application of income, is entitled to claim depreciation on the same capital asset utilized for business. In the said case also the Revenue contention was....