2018 (6) TMI 1827

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.... On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in allowing the claim of depreciation of Rs.1,05,12,224/- to the assessee ignoring the fact that the assessee had claimed the amount incurred on purchase of assets in earlier years as application of income, on which depreciation is claimed now and further allowance of depreciation will be tantamount to double deduction. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing the claim of depreciation of Rs.1,05, 12,224/ - to the assessee in view of the recent decision of the Hon'ble Delhi High Court in the case of DIT(E) vs Charanjiv Charitable Trust dated 18.03.2014. 3. On the facts an....

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....n of section 11 r.w.s 12 and 13 do not envisage set off of deficit/excess expenditure of earlier assessment years and accordingly, he disallowed the set off of loss of earlier deficit with current year income. 3. Before the Ld. CIT (A), the assessee relied upon the following decisions of allowability of depreciation:- 1) CIT vs. Market Committee, Pipli, 330 ITR 16 (2011) (P&H); 2) CIT vs. Rajpur Pallottine Society, 180 ITR 579 (1989)(MP); 3) CIT vs. Rao Bahadur Calavala Cnnan Chetty Charities, 135 ITR 198 (1982) (Mad); 4) CIT vs. Sheth Manilal Ranchhoddas Vishram Bhavan Trust, 1198 ITR 598 (1992) (Guj). 5) CIT vs. Society of the Sisters of St. Anne, 146 ITR 28 (1984) (Karn). 6) CIT vs....