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2011 (2) TMI 1401 - ITAT CHENNAIAssessment of trust - Deduction of depreciation in computing the income - Amounts to double deduction or not? - proper deduction in computing income of a charitable institution or not - HELD THAT:- As relying on TINY TOTS EDUCATION SOCIETY [2010 (7) TMI 377 - PUNJAB AND HARYANA HIGH COURT] where it was held that the income of the assessee being exempt, the assessee is only claiming that depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purposes of the trust. There is no double deduction claimed by the assessee as canvassed by the Revenue. Appeals of the assessee are allowed.
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