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2017 (2) TMI 1245 - AT - Income TaxExemption u/s 11 - hostel surplus fee receipts treating it as business income in the hands of appellant u/s 11(4)/11(4A) - disallowance of depreciation - Held that:- As perused the records especially the order of the Ld. CIT(A) and the order of the Hon’ble High Court of Delhi in the case of Director of Income Tax (Exemption) vs. Indraprastha Cancer Society [2014 (11) TMI 733 - DELHI HIGH COURT] wherein held that where a charitable institution, which has purchased capital assets and treated amount spent on purchase of capital asset as application of income, is entitled to claim depreciation on same capital asset utilized for business.- Decided in favour of assessee.
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