2011 (2) TMI 149

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..... other market committees. The other market committees do not stand on the same footing as Marketing Board which was the apex body of the assessee - decided in favor of assessee.
MR.JUSTICE ADARSH KUMAR GOEL, MR.JUSTICE AJAY KUMAR MITTAL, JJ. Mr. Yogesh Putney, Senior Standing Counsel for the appellant. A DARSH KUMAR GOEL, J ( Oral) . 1. The Registry has not been able to send the file on account of fire in the Court premises. Learned counsel for the revenue has furnished two copies of the paper book which are taken on record. We proceed to decide the matter after hearing learned counsel for the revenue. 2. This appeal has been preferred by the revenue under Section 260-A of the Income Tax Act, 1961 against the order dated 31.3.2009 .....

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..... he effect that in the absence of clear statutory indication to the contrary, the statute should not be read as to permit an assessee two deductions on the same expenditure?" 3. The assessee is a statutory body under the provisions of Punjab Agriculture Produce Marketing Act, 1961. It advanced some of its funds to the Marketing Board which is its apex body and some of the funds were advanced to other market committees. The assessing officer held that notional interest on the amount advanced to the Board was liable to be added to the income of the assessee at the rate at which amount were advanced to other market committees. 4. Income of the assessee is exempted from tax as it is registered as a charitable institution under Section 12A of .....

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..... the presumption drawn by the income tax authorities that certain interest is to be earned by the assessee on the impugned advance given to HSAMB. The addition, therefore, made by the income tax authorities is entirely on conjectures and surmises. The same is hereby set aside. On this issue the assessee succeeds." xxx xxxx xxxx Issue of depreciation "9. The facts relevant to this ground are that the assessee has claimed depreciation of Rs.24,91,227/- as application of income on the basis of the decision of the Hon'ble Bombay High Court in the case of Institute of Banking Personnel Selection (supra). The Assessing Officer denied the claim of the assessee in view of the order of the CIT(Appeals) for the assessment year 2005-06 in the ca .....

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