Director Of Income Tax (Exemption), Mumbai v. M/S.indo French Chamber Of Commerce & Industry

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1447 OF 2012 Director of Income Tax (Exemption), Mumbai..Appellant. Versus M/s.Indo French Chamber of Commerce & Industry ..Respondent. Mr.A.R. Malhotra for the appellant.None for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 16[th] January 2013 P.C. : 1.In this appeal filed by the Revenue for assessment year 2007- 2008, following question of law has been proposed for our consideration. “Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in ignoring the stand of the Revenue that allowing of depreciation on the assets, the cost of which has already been allowed as a deduction on account of application of income, would amount to double deduction in view of the decision of the Hon'ble Supreme Court in the case of Escorts Limited V/s. Union of India, 199 ITR 43 ?” 2.Since the Tribunal has followed the decision of this Court in the case of Commissioner of Income Tax V/s. Institute of Banking Personnel Selection reported in 264 ITR 110, we find no reason to entertain the present appeal. The learned Advocate for the Revenue is not able to distinguish the said decision. 3.Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)