Dit (Exemptions v. M/S.national Institute Of Construction

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1246 OF 2012 DIT (Exemptions). v. M/s.National Institute of Construction. ..Appellant. ..Respondent. Mr. Tejveer Singh for the Appellant. Mr. Jignesh R.Shah for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 09TH JANUARY, 2013 PC: This appeal by the revenue against the order dated 30/3/2012 passed by the ITAT raises the following question of law for consideration of this Court. a)Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the claim of depreciation when the entire cost of the capital asset was already allowed as application of income in earlier years? b)Whether on the facts and in the circumstance of the case and in law,the Tribunal was right in holding that the double deduction can be allowed in respect of the same expenditure ignoring the judicial principle laid down by the Hon'ble Supreme Court in the case of Escort ltd. V. Union of India 199 ITR 43 stating that double deduction cannot be presumed if the same is not specifically provided by law, in addition to normal deduction? c)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in deleting an am9unt of Rs.1,63,87,142/- added in the income of the assessee on ground that the assessee had exercised its option u/s. 11(1) read with explanation 2 of the Act to spend this amount in the succeeding year and when the same had not been included in the income to be spent during the succeeding year? 2)We find that the Tribunal has merely followed the decision of this Court in the matter of CIT v. Institute of Banking reported in (2003) 264 ITR 110 (Bom.) However, it is agreed between the parties that the issues raised in the aforesaid three questions are covered by the aforesaid decision. Thus, no substantial question of law arises for consideration by this court. Hence, the appeal is dismissed with no order as to costs. (M.S.SANKELCHA, J.) (J.P. DEVADHAR, J.)