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1 - 10 of 16 (1.34 seconds)Section 12 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax vs Sheth Manilal Ranchhoddas Vishram ... on 26 February, 1992
21. As to the claim of the assessee that excess expenditure of
earlier years had to be allowed for carry forward and set off, we are of
19 I.T.A. No. 2090/Mds/12
I.T.A. No. 2172/Mds/12
the opinion that the decision of Hon'ble Gujarat High Court in the
case of Sheth Manilal Ranchhoddas Bishram Bhavan Trust (supra) is
clearly in its favour. It was held by their Lordship that a Trust was
entitled to set off the amount of excess application of income of prior
years against deficiency of current year.
Commissioner Of Income-Tax vs Rao Bahadur Calavala Cunnan Chetty ... on 9 August, 1979
8. In its appeal before CIT(Appeals), argument of the assessee
was that its income was totally applied for the objects and at least a
part of the capital expenditure was not met out of borrowed funds. As
per the assessee, a sum of ` 4 Crores out of borrowed funds, was
used for making a fixed deposit which was given as security to
University of Health Sciences for opening new colleges. With regard
to the disallowance of depreciation, claim of the assessee was that
depreciation on fixed assets had to be considered while working out
the application of income, in view of the decision of Hon'ble
jurisdictional High Court in the case of CIT v. Rao Bahadur Calavala
Cunnan Chetty Charities (135 ITR 485), that of Hon'ble Gujarat High
Court in the case of CIT v. Sheth Manilal Ranchondas (198 ITR 598)
6 I.T.A. No. 2090/Mds/12
I.T.A. No. 2172/Mds/12
and that of Hon'ble Karnataka High Court in the case of CIT v.
Society of the Sisters of St. Anne (146 ITR 28). A ground was also
raised by the assessee with regard to disallowance of claim of set off
of excess expenditure of earlier years.
Commissioner Of Income-Tax, ... vs Society Of The Sisters Of St. Anne on 26 August, 1983
20. Coming to the question whether depreciation can be allowed as
application of income derived from property held under Trust, we are
of the opinion that decisions of various High Courts, namely, that of
Hon'ble Punjab & Haryana High Court in the case of Market
18 I.T.A. No. 2090/Mds/12
I.T.A. No. 2172/Mds/12
Committee, Pipli (supra), that of Hon'ble Karnataka High Court in the
case of Society of the Sisters of St. Anne (supra), that of Hon'ble
Calcutta High Court in the case of Bhoruka Public Welfare Trust
(supra) and that of Sheth Manilal Ranchhoddas Bishram Bhavan
Trust (supra), are all in favour of the assessee. In these decisions, it
was held that while computing the income of the Trust, commercial
principle had to be followed and depreciation had to be allowed.
Commissioner Of Income-Tax vs Shri Plot Swetamber Murti Pujak Jain ... on 3 November, 1993
Reliance was also placed in this
regard on the decision of Hon'ble Gujarat High Court in the case of
CIT v. Shri Plot Swetamber Murti Pujak Jain Mandal (211 ITR 293)
and that of Hon'ble Rajasthan High Court in the case of CIT v.
Maharana of Mewar Charitable Foundation (164 ITR 439).
Commissioner Of Income-Tax vs Maharana Of Mewar Charitable ... on 22 July, 1986
Reliance was also placed in this
regard on the decision of Hon'ble Gujarat High Court in the case of
CIT v. Shri Plot Swetamber Murti Pujak Jain Mandal (211 ITR 293)
and that of Hon'ble Rajasthan High Court in the case of CIT v.
Maharana of Mewar Charitable Foundation (164 ITR 439).
Commissioner Of Income-Tax vs Bhoruka Public Welfare Trust on 28 July, 1999
20. Coming to the question whether depreciation can be allowed as
application of income derived from property held under Trust, we are
of the opinion that decisions of various High Courts, namely, that of
Hon'ble Punjab & Haryana High Court in the case of Market
18 I.T.A. No. 2090/Mds/12
I.T.A. No. 2172/Mds/12
Committee, Pipli (supra), that of Hon'ble Karnataka High Court in the
case of Society of the Sisters of St. Anne (supra), that of Hon'ble
Calcutta High Court in the case of Bhoruka Public Welfare Trust
(supra) and that of Sheth Manilal Ranchhoddas Bishram Bhavan
Trust (supra), are all in favour of the assessee. In these decisions, it
was held that while computing the income of the Trust, commercial
principle had to be followed and depreciation had to be allowed.
Lissie Medical Institutions vs Commissioner Of Income Tax on 31 December, 2007
No
doubt, Hon'ble Kerala High Court has taken different view in the case
of Lissie Medical Institutions (supra). Nevertheless, till such time,
Hon'ble jurisdictional High Court has given its mind on the issue,
assessee will be free to press its claim and we will have to follow
those decisions in favour of assessee. Therefore, depreciation has to
be considered as an application of income derived from property held
under Trust. However, we hasten to add that all the above decisions
require working out income of a Trust based on commercial
principles, and this obviously imply that loans taken by an assessee
cannot be considered as expenditure incurred in a revenue field,
especially when such loans were utilized for acquiring fixed assets.