2017 (2) TMI 1242

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..... rt of Delhi in the case of Director of Income Tax (Exemption) vs. Indraprastha Cancer Society [2014 (11) TMI 733 - DELHI HIGH COURT] wherein held that where a charitable institution, which has purchased capital assets and treated amount spent on purchase of capital asset as application of income, is entitled to claim depreciation on same capital asset utilized for business.- Decided in favour of a .....

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..... rinciples of natural justice. 2. That in any case and in any view of matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making addition of ₹ 25,37,255/- as business income in the hands of appellant is bad in law and against the facts and circumstances of the case. 3. That having, regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on fact .....

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..... 12.2011 declaring NIL income. The case was processed u/s. 143(1) of the I.T. Act, 1961. The case was selected for scrutiny assessment. The AO made various disallowances, addition and the assessment was completed on a taxable income of ₹ 25,37,255/- vide his order dated 7.3.2014 passed u/s. 143(3) of the I.T. Act, 1961. 3. Being aggrieved the assessee carried the matter to the ld. CIT(A) w .....

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..... sessee including the one that where there are two views than the one which is favour to assessee shall prevail. Hence, he requested that disallowance in dispute may be deleted. In support of his contention, he relied upon the decision of the Hon ble High Court in the case of Director of Income Tax (Exemption) vs. Indraprastha Cancer Society reported in [2015] 53 taxmann.com 463 (Delhi) and stated .....

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..... g the aforesaid decision of the Hon ble High Court as aforesaid, I am of the considered view that the issue in dispute is similar and squarely covered by the aforesaid decision, therefore, respectfully following the above precedents, the additions in dispute are hereby deleted and accordingly, the issues in dispute are allowed. 9. In the result, the appeal of the assessee stands allowed. The .....

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