1992 (2) TMI 51

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....by G. T. NANAVATI J. -The Tribunal has referred the following two questions to this court under section 256(1) of the Income-tax Act, 1961 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that, while computing income under section 11(1)(a) of the Income-tax Act, 1961, depreciation has to be allowed ? 2. Whether the Tribunal was ri....

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.... to 27 of the Act. In appeal, the Appellate Assistant Commissioner held otherwise. The Revenue then went to the Tribunal. The Tribunal dismissed the appeal. Same thing happened for the assessment year 1972-73 also. After both the appeals, were dismissed, the Revenue applied to the Tribunal for raising the above two questions and referring the same to this Court. What is urged by learned counsel....

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....income " and the necessity for providing depreciation in order to maintain correct accounts, the High Court held that the amount of depreciation debited to the accounts of the charitable institution has to be deducted to arrive at the income available for application to charitable and religious purposes. Same view has been taken by the Madhya Pradesh High Court in CIT v. Raipur Pallottine Society ....