9911796707
TMI Blog2014 (8) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... Charitable Trust [2013 (4) TMI 771 - ITAT CHENNAI ] holding that a claim of depreciation alike the case involved herein is allowable in case of a charitable trust who has included assets in application/exemption u/s.11A of the Act. The co-ordinate bench has followed the case law of Vegetable Products ( 1973 (1) TMI 1 - SUPREME Court ) to conclude that in case of divergent judicial precedents, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 143(3) of the Income Tax Act 1961 [in short the Act ]. 2. The Revenue s sole ground challenges the CIT(A) s order deleting disallowance on depreciation of ₹ 60,14,349/- made by the Assessing Officer in assessment order dated 25.03.2013. 3. The assessee is a registered charitable trust since 05.11.1992. It had filed its return on 19.4.2011 admitting gross receipts of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, A Bench, Chennai in the case of the ITO, Company Ward I Vs. M/s. CMS Educational Charitable Trust, ITA No.2261/Mds/2012 In the cited decision, the Hon ble Tribunal has considered the decision given by the Hon ble Kerala High Court in the case of Lissie Medical Institutions, holding depreciation was not available to Charitable trusts on assets considered for application of income. However ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rein is allowable in case of a charitable trust who has included assets in application/exemption u/s.11A of the Act. The co-ordinate bench has followed the case law of Vegetable Products (supra) to conclude that in case of divergent judicial precedents, the one favouring the assessee has to be adopted. On being granted opportunity, the Revenue neither points out any distinction on facts nor refers ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
