2016 (7) TMI 1693

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....T.A. No.5744/M/2015 And I.T.A. No.4988/M/2015 - -<br>Income Tax<br>SHRI KARUNAKARA RAO, AM AND SHRI SANJAY GARG, JM For the Appellant : Shri C.W. Angolkar, Sr. AR, Shri K. Ravi Kiran, Sr. AR For the Respondent : Shri Mihir A. Tanna, Shri Dhavi Sanghvi And Shri Suresh Mukadam ORDER PER D. KARUNAKARA RAO, AM: There are five appeals under consideration and they are filed by the Revenue....

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..... UOI 199 ITR 43 wherein it was held that since section 11 of the Act provides for deduction capital expenditure incurred on assets acquired for the objects of the trust as application and does not specifically & expressly provide for double deduction on account of depreciation on the same very assets acquired from such capital expenditure, no deduction shall be allowed u/s 32 for the same or any ....

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.... the assessee by various decisions of the Tribunal as well as the Hon'ble High Courts. Referring to the issue of allowability of depreciation on the assets acquired by the Trust, by virtue of application of its funds, Ld Counsel brought our attention to various binding judgments viz, the Hon'ble Bombay High Court in the case of CIT vs. Institute of Banking; Bombay Stock Exchange Ltd vs. Deputy Dir....

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....year in which assets were acquired; answer being self-evident, reference declined." 5. On the other hand, Ld DRs relied on the orders of the Revenue Authorities. 6. We have heard both the parties and perused the orders of the Revenue Authorities as well as the cited judgments of Hon'ble High Court of Bombay in the case of CIT vs. Institute of Banking, wherein it was held "that the Tribunal w....