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TMI Blog2015 (5) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... when they are not required for educational activities, then, this cannot be said to be a business which is not incidental to attain the objects of the trust. This being merely an incidental activity and the income derived from it is used for the educational institute and not for any particular person, separate books of account are also maintained, then, this income cannot be brought to tax. This conclusion is also not perverse and given the facts and circumstances which are undisputed. - Decided against revenue. Admissibility of depreciation - asset purchased by trust - itat allowed claim - Held that:- There is nothing like double deduction. When the assessee has acquired an asset from the income of the trust and thereafter the amount t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This provision is not made for the attainment of the objects of the trust or the institution and separate books of account are not maintained by the trust / institution in respect of the said business. 4. In that regard, our attention has been invited by Mr.Chatterjee, learned senior counsel appearing on behalf of the assessee, to the finding in the order of Commissioner of Income Tax (A) and the Tribunal. 5. The Tribunal has held that the Management and Development Program Consultancy Charges' is part and parcel of 'Narsee Monjee Institute of Management Studies' which has been set up by the respondent-assessee. The respondent-assessee is a trust and has set up 30 schools and colleges. The Commissioner as also the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate books of account are also maintained, then, this income cannot be brought to tax. This conclusion is also not perverse and given the facts and circumstances which are undisputed. 6. As far as question No.4 is concerned, this Court has repeatedly held that there is nothing like double deduction. When the assessee has acquired an asset from the income of the trust and thereafter the amount that is claimed is the depreciation on the use of the assets, such depreciation claim does not mean double deduction. The deduction earlier claimed is towards towards application of funds of the trust for acquiring assets. The latter is depreciation and it is permissible deduction considering the use of the assets. This has been clarified repeatedly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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