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| The Tax Publishers2020 TaxPub(DT) 0701 (Mad-HC) INCOME TAX ACT, 1961
Section 32
Issue decided in CIT v. Institute of Banking Personnel Selection (IBPS) (2003) 131 Taxman 386 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC) correctly stated the principles of law and there was no need to interfere with the same and also once assessee is allowed depreciation, he should be entitled to carry forward the depreciation as well, therefore, appeal of assessee was allowed.
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Depreciation - Depreciation of assets acquired by assessee-trust - Actual cost allowed as application of income -
Issue arose under consideration as to whether depreciation was allowable to assessee on the assets, the cost of which was fully allowed as application of income under section 11 in the past years. Held: Issue decided in CIT v. Institute of Banking Personnel Selection (IBPS) (2003) 131 Taxman 386 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC) correctly stated the principles of law and there was no need to interfere with the same. It might be mentioned at this stage that legislature, realising that there was no specific provision in this behalf in Act, has made amendment in section 11(6) of the Act vide Finance Act No. 2/2014 which became effective from the assessment year 2015-2016. Also once assessee is allowed depreciation, he should be entitled to carry forward the depreciation as well.
REFERRED : CIT v. Rajasthan & Gujarati Charitable Foundation Poona (2018) 300 CTR 1 (SC) : 2017 TaxPub(DT) 5384 (SC) Lissie Medical Institutions v. CIT (2012) 348 ITR 0344 (Ker) : 2012 TaxPub(DT) 2440 (Ker-HC) CIT v. Institute of Banking Personnel Selection (2003) 131 Taxman 386 (Bom) : 2003 TaxPub(DT) 1343 (Bom-HC) and DIT(E) v. Framjee Cawasjee Institute (1993) 109 CTR 463 (Bom) : 1993 TaxPub(DT) 0492 (Bom-HC)
FAVOUR : In assessee's favour
A.Y. :
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