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TMI Blog2018 (9) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... see had offered larger interest income which would subsume the error component of interest income. The Tribunal confirmed this view. No question of law arises. Depreciation on asset on which the assessee had purchased out of exempted income u/s.35AC - Held that:- Logic adopted in case of Rajasthan and Gujarati Charitable Foundation (2017 (12) TMI 1067 - SUPREME COURT) would substantially apply. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1091 of 2018 - - - Dated:- 11-9-2018 - MR AKIL KURESHI AND MR B.N. KARIA, JJ. For The Petitioner : Mrs Mauna M Bhatt(174) ORAL ORDER ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. This appeal is filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration: ( A) Whether, on the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest income which would subsume the error component of interest income of ₹ 23,08,970/. The Tribunal confirmed this view. No question of law arises. 3. The second question relates to the assessee's claim of depreciation under section 35AC of the the Income Tax Act, 1961 ('the Act' for short) in relation to assets purchased for its cardiac center out of the grants received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets. Reliance was also placed on the decision of the Supreme Court in case of Commissioner of IncomeTax v. Rajasthan and Gujarati Charitable Foundation reported in [2018] 402 ITR 441 (SC), in which, the Supreme Court confirmed the decision of the Bombay High Court and various other High Courts granting depreciation to a Trust even though the Trust was eligible for exemption under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee claiming any depreciation under section 32 of the Act which is allowable in respect of any building, machinery, plant or furniture being tangible assets owned wholly or partly by the assessee and for the purpose of business or profession at the specified rates. The requirements thus, are of the assessee owning wholly or partly any building, machinery, plant or furniture being tangible asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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