2014 (2) TMI 1273

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..... ccessfully claimed depreciation on the assets so acquired - Held that:- As to whether assessee had claimed depreciation in any of the previous years or whether the application of money was shown to have been for the acquisition of asset with the loans obtained is a matter of fact. There is no specific finding. In these circumstances the matter is remitted for reconsideration by the Tribunal which .....

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..... loans from the World Bank. In the assessments for those years, the acquisition of assets from the loans was claimed as application of income of the trust. The AO for the year in appeal held that the repayment of amounts so received as loan cannot be allowed as application of income as it would confer a double benefit upon the assessee. The Commissioner (Appeals) upon the assessee s appeal confirm .....

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..... n Escorts Ltd. v. Union of India 199 ITR 43 and CIT v. Ramchandra Poddar Charitable Trust (1987) 164 ITR 666. In the latter decision the Court had held that the circular in question cannot override the law. The learned counsel for the assessee urged that no exception can be taken to the Tribunal s order. He argued that a careful reading of the books of account, the computation of income and the re .....

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