2015 (5) TMI 1017

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..... ich will not be recovered when the asset is finally put out of use. The object of providing for depreciation is to spread the expenditure, incurred in acquiring the asset, over its effective lifetime; the amount of the provision, made in respect of an accounting period, is intended to represent the proportion of such expenditure, which has expired during that period. It cannot be held that doub .....

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..... ative and proceed to dispose of the appeal on merit. 3. Shri N. Madhavan, the Ld. D.R., submitted that the only issue arises for consideration is regarding depreciation on the asset and the investment made on such asset was allowed as application of income under Section 11 of the Income-tax Act, 1961 ((in short the Act ). According to the Ld. D.R., the entire investment in the capital asset of .....

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..... al asset was allowed as application of income, whether the very same asset was eligible for depreciation under Income-tax Act. The Kerala High Court in Lissie Medical Institutions (supra) found that such an asset is not eligible for depreciation. However, it appears that the Delhi High Court in Usha Jagriti Mission [2012] TIOL-271-HC-DEL and the Punjab Haryana High Court in CIT v. Market Committ .....

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