The Commissioner Of Income Tax v. Market Committee, Bhuna

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.A. No.827 of 2010 & connected case beingITA No.828 of 2010Date of decision: 24.2.2011 The Commissioner of Income Tax Vs. Market Committee, Bhuna. -----Appellant. -----Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Mr. Yogesh Putney, Sr.Standing Counselfor the appellant. --- ADARSH KUMAR GOEL, J. This appeal has been preferred by the revenue underSection 260-A of the Income Tax Act, 1961 (for short, “the Act”)against the order of the Income Tax Appellate Tribunal, NewDelhi in I.T.A. No.2720/Del/2008 for the assessment year 2004-05 proposing following substantial question of law:- “Whether on the facts and in the circumstancesof the case, the Ld. ITAT was justified in holding thatthe depreciation on fixed asset is allowable in thecase of charitable trust/institution particularly when theincome is computed as per provisions of section 11 to13 of the Income Tax Act, 1961 as question ofdepreciation does not arise when capital expenditureis also considered as application of income of the assessee and there remains no assets/WDV for claimof depreciation?” Learned counsel for the revenue fairly states that thematter is covered against the revenue by order of this Court dated5.7.2010 in I.T.A. No.535 of 2009 CITv. Market Committee,Pipli. Accordingly, the appeals are dismissed. A photocopy of this order be placed on the file of other connected case. (ADARSH KUMAR GOEL) JUDGE February 24, 2011ashwani ( AJAY KUMAR MITTAL ) JUDGE