2019 (6) TMI 606

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... erred in allowing the appeal of the assessee by ignoring the fact that when deduction is allowed in respect of capital expenditure, no depreciation is allowed on the same assets as this will tantamount to double deduction. 2. The appellant craves leave to add, to alter or amend any ground of appeal raised above at the time of hearing." 3. Facts of the case, in brief are that the assessee society is registered under Society's Registration Act, 1860 vide registration certificate no. S-11550 dated 24.02.1981. The assessee society is registered u/s 12A of the Income Tax Act, 1961 vide order No. CITVI/ TE(241)/81/4133 dated 22.03.1982. The assessee society is notified u/s 10(23C)(vi) of the Income Tax Act, 1961 vide order no. F. No.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....see has claimed the depreciation of Rs. 58,12,769/- only on various items on which no deduction as application of income has been claimed by the assessee. It was argued that assessee could have claimed the entire expenditure as application of income but the assessee is consistently following the principle of claiming the depreciation on the assets other than the building. It was submitted that the assessee had been claiming the capital investment in building as application of income and all other expenses on investments are not treated as application of income but the assessee claimed depreciation on such items other than the building. Various decisions were also relied upon. It was further submitted that during AY 2009-10 the AO had denied....