2015 (7) TMI 803 - HC - Income Tax

Appeal deserves admission on the following substantial questions of law Whether on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was right in upholding the order of the Ld.CIT (A) that depreciation is allowable on the assets of the trust inspite of cost of which has been fully allowed as application of income in current or past years by relying upon the decision of the Hon ble Bombay High Court in the case of CIT vs Institute of Banking (2003 (7) TMI 52 - BOMBAY High Court) and ignoring the ratio of Hon ble Supreme Court in the case of Escorts Ltd vs Union of India (1992 (10) TMI 1 - SUPREME Court ) wherein Hon ble Supreme Court has held that double deduction cannot be a matter of inference, it must be provided for in clear and express language regard being had to its unusual nature and its serious impact on the revenues of the State ?

Summary

The Bombay High Court heard an appeal regarding the allowance of depreciation on trust assets. The court considered previous judgments and substantial questions of law related to double deduction. The appeal was admitted for further consideration.