9911796707
TMI Blog2010 (7) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010 - ADARSH KUMAR GOEL, AJAY KUMAR MITTAL, JJ JUDGMENT Adarsh Kumar Goel J.- This appeal has been preferred by the Revenue under section 260A of the Income-tax Act, 1961 (for short, "the Act") against the order dated June 2, 2009 of the Income-tax Appellate Tribunal, New Delhi in I. T. A. No. 3182/Del/2008 for the assessment year 2006-07, proposing to raise the following substanti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound that the assessee being exempt, claim for depreciation will amount to taking of double benefit. However, the Commissioner of Income-tax (Appeals) accepted the appeal of the assessee. It was held that deduction for computing income to preserve corpus of the trust was permissible and did not amount to double benefit. This view has been upheld by the Tribunal with the following observations: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ." 3. We have heard learned counsel for the Revenue and perused the record. 4. Learned counsel for the Revenue submits that in view of the judgment of the hon'ble Supreme Court in Escorts Ltd. v. UOI [1993] 199 ITR 43, the assessee could not claim deduction when its income was exempt, as it will amount to getting double benefit. 5. We are unable to accept the submission. 6. The mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applied for the purposes of charitable objects. It was observed (page 20 supra) : "9. In the present case, the assessee is not claiming double deduction on account of depreciation as has been suggested by learned counsel for the Revenue. The income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
