2025 (9) TMI 1620

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....i ORDER PER OMKARESHWAR CHIDARA (AM) :- In the above cited appeal, the Institution has taken following grounds of appeal :- 1. On facts and circumstances of the case and in law, the learned Additional/Joint CIT(A) erred in confirming the action of the learned Assessing Officer (the learned 'AO') of denying the claim of depreciation of the Appellant amounting to Rs. 3,04,8....

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....fter getting approval under section 12A of the I.T.Act and applied the provisions of section 11(2) and 11(3) of the I.T. Act. It was submitted that the appellant institution is an approved research association for the purposes of section 35(1)(ii) of the Act and the same was notified by Central Government through Notification No 38 of 2009 dated 28.4.2009. The Ld. AR of the appellant institution e....

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....value of asset as deduction anywhere. 4. The Ld. DR relied on the assessment order and Ld. CIT(A) order. 5. Heard both sides. The Bench decides that the Ld. AO went on a wrong presumption that the appellant is a trust registered under 12A, whereas the fact is that it is an institution which was approved research association under section 35(1)(ii) of the Act and notified as above. Since the ....

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....s entitled to claim for carry forward deficit is founded on well settled legal principles enunciated by various judicial pronouncements as set out below :- a) CIT vs. Institute of Banking Personnel Selection (264 ITR 110) (Bom HC) b) CIT vs. Maharana of Mewar Charitable Foundation (164 ITR 439) (Raj HC) c) CIT vs. Shri Plot Swetambar Murti Pujak Jain Mandal (211 ITR 293)....