The Director of Income-tax (Exemptions) v. M/s. Gem & Jewellery Export Promotion Council
[Citation -2015-LL-0401-12]
| Citation | 2015-LL-0401-12 |
|---|---|
| Appellant Name | The Director of Income-tax (Exemptions) |
| Respondent Name | M/s. Gem & Jewellery Export Promotion Council |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 01/04/2015 |
| Assessment Year | 2008-09 |
| Judgment | View Judgment |
| Keyword Tags | capital expenditure • export promotion |
| Bot Summary: | This appeal of the Revenue challenges the order passed by the Income Tax Appellate Tribunal, Bench at Mumbai, dated 19th December, 2012 for the assessment year 2008-09. It held that the difference between application of income for acquiring an asset and the claim for depreciation which is in relation to the use or application of the asset for achieving the stated object or purpose has to borne in mind. If it is borne in mind there is no question of double deduction as is apprehended in such matters by the Revenue. Ig In reaching this conclusion, the Tribunal has followed the view H taken by this Court in the case of Commissioner of Income Tax vs. Institute of Banking Personnel Selection, 264 ITR 110. The Revenue's appeal has been dismissed following a Division Bench judgment. A Division Bench of this Court had occasion to consider similar questions. The Division Benches of this Court have consistently held that the rt Revenue's understanding of double deduction is without legal basis. |