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TMI Blog2011 (1) TMI 1423X X X X Extracts X X X X X X X X Extracts X X X X ..... Pradeep Kumar Mitra, Sr. DR O R D E R PER R. C. SHARMA, A.M. I.T.A.Nos. 171 to 173/Ind/2010 (Revenue s appeal) : These are the appeals filed by the assessee and the Revenue against the order of ld. CIT(A) dated 4.1.2010 for the assessment years 2004-05, 2005-06 and 2006-07. 2. There are common issues in all the appeals, therefore, all were heard together and are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pur Pallotine Society, 180 ITR 579 (MP), issue was decided in assessee s favour. Precise observation of Hon'ble High Court was as under :- Depreciation is the exhaustion of the effective life of a fixed asset owing to use or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... result, the appeals of the Revenue for assessment years 2004-05 and 2005-06 are dismissed. 8. Grievance of the assessee in all the years relate to AO s denial to carry forward deficit in the application of funds. 9. At the out-set, the ld. Authorized Representative submitted and relied on the decision of the I.T.A.T. in the case of Sarvajanik Jankalyan Parmarthik Nyas vs. ACIT, (2010) 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, the assessee was held to be entitled for exemption u/s 11(1)(a) of the Income-tax Act, 1961. 10. Respectfully following the decision of Coordinate Bench discussed above as well as decision of Hon'ble Rajasthan High Court (supra), we do not find any merit in the observation of the lower authorities to the effect that the assessee is not entitled for carry forward and set off e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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