2022 (8) TMI 143

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....nch, Kolkata in ITA No. 620/Kol/2016 for the assessment year 2012-13. The revenue has raised the following substantial questions of law for consideration. i) Whether on the facts and in the circumstances of the case, the Learned Tribunal erred in law in not considering that allowing depreciation in respect of a depreciable asset for which the assessee has already claimed deduction under section 35(2)(iv) of the Income Tax Act being acquired for charitable purpose is permissible under section 32 of the Act and whether the same would amount to double deduction ? ii) Whether on the facts and in the circumstances of the case, the Learned Tribunal erred in law in not considering the decision of Escorts Limited & Anr. Versus ....

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....mpleting the assessment by order dated 30th June, 2014. The Commissioner of Income Tax (Exemption) [CIT(E)] exercised his power under Section 263 of the Act and issued show cause notice dated 28th October 2015 on the ground that when deduction under Section 35(2)(iv) is allowed in respect of capital expenditure on assets used for scientific research, no depreciation is allowable under Section 32 on the same assets. The assessee submitted the reply to the show cause notice by placing reliance on several decisions of various High Courts and in particular, the decision in the case of CIT Vs. SOCIETY OF SISTERS OF ANNE.; 146 ITR 28 (Kar.); CIT Vs. TINY TOTS EDUCATION SOCIETY, (2011) 330 ITR 21 (P&H), which followed the decision in CIT Vs. MARKE....