THE CRAFTS COUNCIL OF INDIA,CHENNAI vs. JCIT(EXEMPTIONS) , CHENNAI

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकरअपील सं./ Ita Nos.943, 944, 945 & 946/Chny/2024 (िनधा"रणवष" / Assessment Years: 2011-2012, 2013-14, 2015-16 & 2016-2017) The Crafts Council Of India, Vs. The Joint Commissioner Of Income Gf Temple Trees, Tax, Venkatnarayanana Road, (Exemptions) T. Nagar, Chennai 600 017. Chennai. [Pan: Aaatc 1433B] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से /Respondent By : Ms. Gouthami Manivasagam, Irs, Jcit. सुनवाई क" तार"ख/Date Of Hearing : 01.08.2024 घोषणा क" तार"ख /Date Of Pronouncement : 14.08.2024 आदेश / O R D E R Manu Kumar Giri ()

section 2(15), as per the decision of the Apex Court. The AO and CIT(A) has disallowed depreciation claimed by the Appellant on the ground that the investments depreciable capital assets have been allowed as deduction in the year of investment and hence granting depreciation on the same assets would amount to double deduction. This issue has been considered

THE CRAFTS COUNCIL OF INDIA,CHENNAI vs. JCIT(EXEMPTIONS) , CHENNAI

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकरअपील सं./ Ita Nos.943, 944, 945 & 946/Chny/2024 (िनधा"रणवष" / Assessment Years: 2011-2012, 2013-14, 2015-16 & 2016-2017) The Crafts Council Of India, Vs. The Joint Commissioner Of Income Gf Temple Trees, Tax, Venkatnarayanana Road, (Exemptions) T. Nagar, Chennai 600 017. Chennai. [Pan: Aaatc 1433B] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से /Respondent By : Ms. Gouthami Manivasagam, Irs, Jcit. सुनवाई क" तार"ख/Date Of Hearing : 01.08.2024 घोषणा क" तार"ख /Date Of Pronouncement : 14.08.2024 आदेश / O R D E R Manu Kumar Giri ()

section 2(15), as per the decision of the Apex Court. The AO and CIT(A) has disallowed depreciation claimed by the Appellant on the ground that the investments depreciable capital assets have been allowed as deduction in the year of investment and hence granting depreciation on the same assets would amount to double deduction. This issue has been considered

THE LAKSHMI VILAS BANK LIMITED,KARUR vs. ACIT CIRCLE 2(1), TRICHY

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

244A; (iv) Enhancement of Income on depreciation on investments & (v) TDS Credit. The assessee is also aggrieved by the fact that revised return as filed on 21.03.2014 was not considered by the lower authorities. ITA Nos.671 & 899/Chny/2019 The subject matter of revenue’s appeal is (i) Ex-gratia payments; (ii) Interest accrued on NPAs; (iii) Rural Debts advances while computing

DCIT CIRCLE 2(1), TRICHY vs. THE LAKSHMI VILAS BANK LTD., KARUR

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

244A; (iv) Enhancement of Income on depreciation on investments & (v) TDS Credit. The assessee is also aggrieved by the fact that revised return as filed on 21.03.2014 was not considered by the lower authorities. ITA Nos.671 & 899/Chny/2019 The subject matter of revenue’s appeal is (i) Ex-gratia payments; (ii) Interest accrued on NPAs; (iii) Rural Debts advances while computing

THE CRAFTS COUNCIL OF INDIA,CHENNAI vs. JCIT(EXEMPTIONS), CHENNAI

section 2(15), as per the\ndecision of the Apex Court. The AO and CIT(A) has disallowed depreciation\nclaimed by the Appellant on the ground that the investments depreciable\ncapital assets have been allowed as deduction in the year of investment and\nhence granting depreciation on the same assets would amount to double\ndeduction. This issue has been considered

M/S J SIKILE FOUNDATION,CHENNAI vs. DCIT, EXEMPTION-III, CHENNAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.83/Chny/2022 िनधा"रणवष"/Assessment Year: 2011-12 V. M/S.J Sikile Foundation, The Dcit, Plot No.1025, Street No.44, Exemption-Iii, Tvs Colony, Anna Nagar West Extn., Chennai. Chennai-600 101. [Pan: Aaats 1630 C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Depreciation relating 2,89,419 to assets acquired during the year Assessed income 1,77,32,382 Tax thereon @30% 53,19,715 Education Cess 1,59,591 Total tax 54,79,306 Add: Interest u/s. 234B 19,61,352 Add: Interest u/s 234D 3,380 Add: 244A interest already 2,652 19,67,384 issued Tax payable