2010 (9) TMI 205

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..... t the revenue by the judgment of this Court dated 5.7.2010 in ITA No. 535 of 2009 (The Commissioner of Income Tax, Karnal v. Market Committee, Pipli) - Accordingly, the appeal is dismissed - 430 of 2010 - - - Dated:- 14-9-2010 - CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL. HON'BLE MR. JUSTICE AJAY KUMAR MITTAL Mr. Yogesh Putney, Advocate for the appellant. ADARSH KUMAR GOEL, J .....

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..... ssee and there remains no assets/WDV for claim of depreciation. The strength is drawn from the order of the Hon'ble Supreme Court of India passed in the case of Escorts Ltd. another Vs. Union of India and Others reported in 199 ITR 43 (108) CTR 275 wherein it has been held that when deduction under s. 35(2)(iv) is allowed in respect of capital expenditure on scientific research, no depreciation .....

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..... statutory body under the provisions of the Punjab Agricultural Produce Market Act, 1961, to regulate the marketing of agricultural produce. It has also been registered as a Trust under the Act. While assessing the application of its income under Section 11, the Assessing Officer disallowed the claim of depreciation and contribution made to the Marketing Board. The CIT (A) upheld the plea of the a .....

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