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2014 (6) TMI 432 - AT - Income TaxAllowability of benefits of exemption u/s 11 of the Act – Held that:- The assessee’s registration u/s 12A granted earlier by DIT (E) was withdrawn u/s 12AA(3) - the order of the DIT (E) has been set aside by the Tribunal and assessee’s registration u/s 12A has been upheld - the very basis and foundation of denying the benefit u/s 11 ceases to exist - once the registration u/s 12A continues - it is axiomatic that the income has to be computed in accordance with section 11 and benefit/exemption has to be given - The exemption cannot be denied simply on the ground that the matter is subjudice before the Hon’ble High Court – Decided against Revenue. Allowability of carry forward of unabsorbed depreciation – Held that:- Following CIT vs. Shri Plot Swetamber Murti Pujak Jain Mandal [1993 (11) TMI 17 - GUJARAT High Court] - the income derived from the trust property has to be computed on commercial principles and if commercial principles are applied, then adjustment of expenses incurred by the trust for charitable and religious purposes in the earlier years against the income earned by the trust in the subsequent year, will have to be regarded as application of income of the trust in the subsequent year in which adjustment has been made - Decided against Revenue.
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