2021 (9) TMI 63

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.... Revenue by : Shri Satpal Gulati, CIT DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, M/s. Ardee Foundation (hereinafter referred to as 'the assessee') by filing the present appeal sought to set aside the impugned order dated 20.03.2017 passed by the Commissioner of Income-tax (Exemptions), New Delhi under section 263 of the Income-tax Act, 1961 (for short 'the Act') qua the ass....

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.... Tax that "so far as issue of depreciation is concerned, the AO has not made any enquiry before allowing depreciation on assets to know whether the cost of such assets have been allowed as application on income in the past" is erroneous both factually and legally misconceived. 1.3 That the learned Commissioner of Income Tax has failed to appreciate that once the learned Assessing Officer ....

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.... It is therefore prayed that, impugned order made under section 263 of the Act dated 20.3.2017 be held to be without jurisdiction and, therefore be quashed and appeal of the appellant be allowed." 2. Briefly stated the facts necessary for adjudication of the controversy at hand are : Assessee society being registered under section 12A of the Act filed return declaring nil income which was subje....

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....eal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Ld. AR for the assessee challenging the impugned order contended that the issue of claiming depreciation on assets being allowable as application of income has already been settled in favour of the assessee in view of the judgment rendered by....