2021 (7) TMI 313

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Mr.M.Kaushik for Mr.S.Sridhar JUDGMENT M.DURAISWAMY, J. Challenging the order passed in I.TA.No1756/Mds/2013 in respect of the Assessment Year 2010-11 on the file of the Income Tax Appellate Tribunal, Chennai, "C" Bench, the Revenue has filed the above appeal. 2.The assessee is a Public Charitable Trust, registered under Section 12A of the Income Tax Act. The assessee filed its return of incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ecting the Assessing Officer to allow the claim of depreciation. The Commissioner of Income Tax (Appeals) also observed that it is not only the accounting principle, but even the statute and judicial interpretation of the provisions provided that in arriving at the amount of income available for application under Section 11, depreciation should be deducted. Aggrieved by the order of the Commission....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ation of income under Section 11? 3)Whether in law and in the facts and circumstances of the case, the Tribunal is right in holding that allowing the depreciation claim of the assessee would not result in double deduction, though the entire cost of the depreciable assets have already been allowed as application of income towards objects of the Trust?" 4.When the appeal is taken up for hearing, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Rajasthan and Gujarati Charitable Foundation reported in [2018] 402 ITR 441 (SC). Further, the learned Senior Standing Counsel submitted that following the decision of the Hon'ble Supreme Court, the Hon'ble Division Bench of this Court, by judgment dated 26.08.2019, made in T.C.A.Nos.680 & 681 of 2011 [Commissioner of Income Tax - I, Tiruchirapalli Vs. M/s.National College Council, P.B.N....