2022 (10) TMI 38

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....law, the Hon'ble ITAT is right in holding that the provision of section 13(1)(c) and 13(2)(c) of the I.T. Act were not attracted in this case despite the fact that payments were made on account of advertisement to prohibited person? B. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is right in holding that the assessee was allowed to claim exemption under section 11 of the Act despite the fact that the payment were made to prohibited persons as defined under section 13(1)(c) and 13(2)(c) of the I.T. Act? C. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is right in allowing the appeal of the assessee by ignoring the fact that assessee like charitable or reli....

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....f the case and in law, the Hon'ble ITAT is right in dismissing the appeal filed by the revenue on the issue of disallowance of depreciation placing reliance on their own decision without appreciating the fact that the Hon'ble Supreme Court in the case of Escorts Ltd. & another V/s. Union of India (199 ITR 43), while dealing with the issue of allowance of expenditure on scientific research under section 35(1)(iv) {corresponding to section 10(2)(xiv) of the IT Act, 1922} held that any expenditure of a capital nature (or incurred towards purchase of capital assets) on scientific research allowed as deduction under section 35(1)(iv) cannot be allowed once again as deduction in the form of depreciation on such capital assets? 3. Learned counsel....

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....essee claimed depreciation on the value of the building @2½% and they also claimed depreciation on furniture @ 5%. The question which arose before the Court for determination was : whether depreciation could be denied to the assessee, as expenditure on acquisition of the assets had been treated as application of income in the year of acquisition? It was held by the Bombay High Court that section 11 of the Income Tax Act makes provision in respect of C.A. No. 7186/ 2014 etc. computation of income of the Trust from the property held for charitable or religious purposes and it also provides for application and accumulation of income. On the other hand, section 28 of the Income Tax Act deals with chargeability of income from profits and ....