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Showing contexts for: pai foundation in Assistant Commissioner Of Income Tax, ... vs M/S. Dr. T. M. A. Pai Foundation, Manipal on 12 October, 2018Matching Fragments
3. The ld. DR of revenue supported the assessment order whereas the ld. AR of assessee supported the order of CIT(A). She also submitted a copy of Tribunal order rendered in the case of ACIT(Exemptions) Vs. Dr. T.M.A. Pai Foundation in ITA Nos. 1968 & 1969/Bang/2016 dated 03.02.2017 and submitted that the issue involved in this appeal is covered in favour of the assessee by this Tribunal order in which the Tribunal has followed the judgement of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Karnataka Reddy Janasangha as reported in 389 ITR 229 and has reproduced the relevant paras of this judgement deciding the issue in respect of allowability of depreciation. Regarding the second issue i.e. benefit of set off of carry forward deficit of earlier years, the Tribunal in that case has followed the judgement of Hon'ble Bombay High Court rendered in the case of CIT Vs. Institute of Banking Personnel Selection (IBPS) as reported in 264 ITR 110.