Punjab-Haryana High Court
The Commissioner Of Income Tax Rohtak vs Haryana State Agricultural Market ... on 27 November, 2014
Bench: Rajive Bhalla, B.S. Walia
ITA-180-2014 [1]
IN THE HIGH COURT OF PUNJAB AND HARYANA AT
CHANDIGARH
ITA-180-2014 (O&M)
Date of decision: 27.11.2014
The Commissioner of Income Tax, Rohtak ..... Appellant
VERSUS
Haryana State Agricultural Market
Committee, Gohana ..... Respondent
CORAM: HON'BLE MR. JUSTICE RAJIVE BHALLA
HON'BLE MR. JUSTICE B.S. WALIA
Present: Mr.Inderpreet Singh, Advocate, for the appellant.
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RAJIVE BHALLA, J. (ORAL)
The revenue is before us, challenging order dated 13.09.2013, passed by the Income Tax Appellate Tribunal, Delhi Bench 'C', New Delhi, (hereinafter referred to as the 'Tribunal'), on the following substantial questions of law: -
"a. Whether Hon'ble ITAT New Delhi is justified in law in holding that payment of advance Rs.5,39,36,522/- for construction, made by the Market Committee is considered as application of income for charitable purposes u/s 11 of the IT Act whereas the same can only be considered as application of income in the year in which it is actually utilized.
b. Whether Hon'ble ITAT New Delhi has erred in law in deleting the addition of Rs.4,77,786/- made on account of interest on investment made on FDR with HVPN as no such income from this investment made was declared by the assessee.
c. Whether Hon'ble ITAT New Delhi has erred in law in deleting the addition of Rs.20,35,810/- made on account of depreciation claimed by the assessee as the ITA-180-2014 [2] claim of depreciation on the same asset on which application of funds equivalent to cost of acquisition has been claimed and allowed as Capital Expenditure would amount to more than 100% deduction on the same outgoing."
We have heard counsel for the appellant. The questions of law have already been answered against the revenue in ITA-151- 2010 "Commissioner of Income Tax Hisar Vs. Market Committee, Narwana" decided on 05.07.2010.
Counsel for the revenue despite his attempt to urge to the contrary, is unable to distinguish the aforesaid judgment or refer to any other binding precedent to the contrary.
Consequently, we answer the questions of law against the revenue in terms of decision dated 05.07.2010, rendered in ITA-151- 2010 "Commissioner of Income Tax Hisar Vs. Market Committee, Narwana."
[ RAJIVE BHALLA ]
JUDGE
27.11.2014 [ B.S. WALIA ]
Shamsher S.Sabharwal JUDGE
SHAMSHER SINGH
2014.11.29 11:34
I attest to the accuracy and
authenticity of this document
Chandigarh