Income Tax Appellate Tribunal - Delhi
Ito (E), New Delhi vs Adhishakti Laboratory For Theatre Art ... on 30 May, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES : "C" : NEW DELHI
BEFORE SHRI R.S. SYAL, VICE PRESIDENT
AND
SMT. BEENA A. PILLAI, JUDICIAL MEMBER
ITA No.2454/Del/2016
Assessment Year : 2010-11
ITO(E), Vs. Adhishakti Laboratory for Theatre
Trust Ward-1(1), Art Research Public Charitable
New Delhi. Trust Education Foundation,
1st Floor, 50/8, Tolstoy Lane,
Janpath,
New Delhi.
PAN: AAATA0972B
(Appellant) (Respondent)
Assessee By : Shri R. Venkatraman, CA
Department By : Shri Arun Kumar Yadav, Sr. DR
Date of Hearing : 29.05.2018
Date of Pronouncement : 30.05.2018
ORDER
PER R.S. SYAL, VP:
This appeal filed by the Revenue arises out of the order passed by the CIT(A) on 23.02.2016 in relation to the assessment year 2010-11. ITA No.2454/Del/2016
2. Briefly stated, the facts of the case are that the assessee is a charitable society which claimed exemption u/s 11 of the Act. The assessment was finalized accordingly determining nil income. Thereafter, proceedings were taken up u/s 154 by the Assessing Officer, in which it was held that the deficit accumulated from assessment year 2004-05 to 2008-09 amounting to Rs.51,77,934/-, set off by the assessee from the taxable income for the year was not eligible for brought forward. He also disallowed the assessee's claim of depreciation on assets amounting to Rs.9,13,783/-. The ld. CIT(A) decided both these issues in the assessee's favour against which the Revenue has come up in appeal before us.
3. We have heard both the sides and perused the relevant material on record. The first issue is against not allowing set off by the AO of the brought forward loss of Rs.51,77,934/- pertaining to the earlier assessment years. It is observed from the impugned order that the said loss of Rs.51.77 lac was determined by means of the orders passed u/s 143(3) of the Act in earlier years. Under such situation, we see no infirmity in the impugned order in allowing set off of the brought forward loss.
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4. In so far as the disallowance of depreciation is concerned, we find that this issue is no more res integra in view of the judgment of the Hon'ble Supreme Court in CIT vs. Rajasthan and Gujarati Charitable Foundation (2018) 402 ITR 441 (SC) in which the issue has been decided in the assessee's favour in allowing depreciation by holding that the amendment carried out by way of section 11(6), not permitting the claim of depreciation in such circumstances, is applicable prospectively from 01.04.2015. Since the assessment year under consideration is a period prior to the amendment, we hold that the ld. CIT(A) was justified in accepting the assessee's claim on this count.
5. In the result, the appeal filed by the Revenue is dismissed.
The order pronounced in the open court on 30th May, 2018.
Sd/- Sd/-
[BEENA A. PILLAI] [R.S. SYAL]
JUDICIAL MEMBER VICE PRESIDENT
Dated, 30th May, 2018.
dk
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ITA No.2454/Del/2016
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT (A)
5. DR, ITAT
AR, ITAT, NEW DELHI.
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