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TMI Blog2021 (2) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... forward of losses disregarding the fact that set-off and carry forward of losses are dealt with by the provisions of section 70 to 74 of the Income Tax Act. 3. The Ld. CIT(A) has erred in law & fact that allowing depreciation of fixed assets is tantamount double deduction as the expenditure on fixed assets is already allowed. 4. The appellant craves leave to add, to alter or amend any ground of appeal raised above at the time of hearing." (B) At the time of hearing before us, the Ld. Counsel for assessee submitted that the disputed issues in this case are covered in favour of the assessee's own case. The Ld. Counsel of the assessee further submitted that, in identical facts, in assessee's own case, the Co-ordinate Bench of ITAT, Delhi has already taken a view, on the disputed issues, in favour of the assessee vide order dated 08.08.2019 in ITA No. 2761/Del/2017 for Assessment Year 2013- 14. The Learned Commissioner of Income Tax (Departmental Representative) ["Ld. CIT(DR), for short] appearing for Revenue accepted that all the issues in disputed were covered in favour of the assessee by the aforesaid order dated 08.08.2019 of Co-ordinate Bench of Income Tax Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B.1) At the time of hearing before us, the Ld. Authorized Representative ("AR", for short) of the assessee submitted that all the disputed issues are covered in favour of the assessee by the aforesaid judicial precedents. The Ld. AR of the assessee further submitted that, in identical facts, in assessee's own case, the Co-ordinate Bench of ITAT, Delhi has already taken a view, on the disputed issues, in favour of the assessee vide aforesaid order dated 23.05.2019. The Ld. CIT(DR) appearing for Revenue accepted that all the issues in dispute were covered in favour of the assessee by the aforesaid judicial precedents, in which, in identical facts, the disputed issues were decided in favour of the assessee. (B.1.1) Relevant portion of the aforesaid order dated 20.04.2005 of Co-ordinate Bench of ITAT, Delhi in ITA No. 4571/Del/2004 in assessee's own case i.e. The Delhi Public School Society vs. DCIT(E) is reproduced as under: (B.1.2) The relevant portion of the aforesaid order dated 23.05.2019 of Co-ordinate Bench of ITAT, Delhi in assessee's own case in DCIT(E) vs. The Delhi Public School Society in ITA No. 4887/Del/2016 is reproduced as under: "The aforesaid appeal has been fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which are running under the name and logo of assessee, having different management than assessee society. 4.1 It is seen from various orders placed in the paper book for the various assessment years in assessee's own case passed by this Tribunal that this issue now stands settled in favour of assessee and against revenue. It is also observed that Ld. CIT(A) followed the binding decision of this Tribunal in assessee's own case for the previous assessment years. In view of above, we do not find any infirmity in the order passed by Id. CIT(A) and the ground raised by Revenue stands dismissed. " 5. Respectfully following the aforesaid precedence, which is also applicable in this ground of the Revenue is dismissed. 6. In ground no. 2 in ITA No. 6627/Del/2015 (supra), the relevant findings given qua ground no. 2 & 3 of appeal have been given in paragraph 5 which reads as under: "5. This ground has been raised by revenue, as Ld. CIT (A) allowed deduction on account of depreciation. The Ld. AO was of the opinion that assessee was a trust and it was deriving income from depreciable assets. As assessee took into account depreciation on those assets while computing income of trust, L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA No. 4081/Del/2012 for assessment year 2009-10. This Tribunal dealt with this issue as under: "16. We have heard the rival contentions in light of the material 'produced and precedent relied upon. Ld. Counsel of the assessee submitted that the issue is covered in favour of the assessee by the decision of the Hon'ble jurisdictional High Court in the case of Raghuvanshi Charitable Trust (Supra). The Ld. Departmental Representative could not produce any decision contrary in this regard. 17. Hence, upon careful consideration, we find that the Hon'ble jurisdictional High Court in the case of D.I.T. vs. Raghuvanshi Charitable Trust (Supra) has held as under (Heads notes only):- "Section 11 of the Income Tax Act, 1961 - Charitable or religious trust - Exemption of income from property held under - Whether a trust can be allowed to carry forward deficit of current year and to set off same against income of subsequent years - Held, yes - Whether adjustment of deficit of current year against income of subsequent year would amount to application of income of trust for charitable purposes in subsequent year within meaning of section 11(1 )(a) - Held, yes." 18. In view o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in foregoing paragraphs (B) and sub paragraphs (B.1), (B.1.1), (B.1.2), (B.2), (B.2.1) and (B.2.2). The first ground of appeal is dismissed accordingly and the issue is decided in favour of the assessee, respectfully following the precedents referred to in the foregoing paragraphs (B.1.1), (B.1.2), and (B.2) of this order. Further, respectfully following the aforesaid precedents referred to in foregoing paragraphs (B.1.2) and (B.2.2) of this order, the second ground of appeals is dismissed and the disputed issue is decided in favour of the assessee. Furthermore, respectfully following the aforesaid precedents referred to in foregoing paragraphs (B.1.2) and (B.2.1) of this order, third ground of appeal is dismissed, and the disputed issue is decided in favour of the assessee." (C) We have heard both sides. We have perused the materials available on record. We have also considered the judicial precedent brought to our notice. At the time of hearing before us, both sides have agreed that the issues in dispute in this appeal are covered in favour of the assessee by the aforesaid order dated 08.08.2019 of Co-ordinate Bench of ITAT in assessee's own case. Neither side has brought an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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