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Showing contexts for: seventh day Adventist in Commissioner Of Income Tax vs Rajasthan And Gujarati Charitable on 17 October, 2019Matching Fragments
“These are the petitions and appeals filed by the Income Tax Department against the orders passed by various High Courts granting benefit of depreciation on the assets acquired by the respondents-assessees. It is a matter of record that all the assessees are charitable institutions registered under Section 12A of the Income Tax Act (hereinafter referred to as 'Act'). For this reason, in the previous year to the year with which we are concerned and in which year the depreciation was __________ http://www.judis.nic.in Judgment dt. 17.10.2019 in TC(A) No.729 of 2019 CIT v. M/s.Services Association of Seventh Day Adventists P. Ltd.
'3. As stated above, the first question which requires consideration by this Court is:
__________ http://www.judis.nic.in Judgment dt. 17.10.2019 in TC(A) No.729 of 2019 CIT v. M/s.Services Association of Seventh Day Adventists P. Ltd.
whether depreciation was allowable on the assets, the cost of which has been fully allowed as application of income under section 11 in the past years? In the case of CIT v.
Munisuvrat Jain 1994 Tax Law Reporter, 1084 the facts were as follows. The assessee was a Charitable Trust. It was registered as a Public Charitable Trust. It was also registered with the Commissioner of Income Tax, Pune. The assessee derived income from the temple property which was a Trust property. During the course of assessment proceedings for assessment years 1977-78, 1978-79 and 1979-80, the assessee claimed depreciation on the value of the building @2½% and they also claimed depreciation on furniture @ 5%. The question which arose before the Court for determination was : whether depreciation could be denied to the assessee, as expenditure on acquisition of the assets had been treated as application of income in the year of acquisition? It was held by the Bombay High Court that section 11 of the Income Tax Act makes provision in respect of computation of income of the Trust from the property held __________ http://www.judis.nic.in Judgment dt. 17.10.2019 in TC(A) No.729 of 2019 CIT v. M/s.Services Association of Seventh Day Adventists P. Ltd.
amendment is prospective in nature.”
2. The said judgment has been further followed by the Co-ordinate Bench of this Court in the assessee's own case in Tax Case Appeal Nos.412 to 414 of 2013 [Commissioner of Income Tax v.
M/s.Medical Trust of Seventh Day Adventists; M/s.The Council of Seventh Day Adventists Educational Institution; and M/s.Service Association of Seventh Day Adventists P. Ltd.]. The said order is also quoted below for ready reference: