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2011 (12) TMI 322 - AT - Income TaxTrust - Accumulation under 11(2) - Application on FIFO basis - Held That:- The amount of Rs. 2,30 crores spent on acquisition of assets has come from the earlier accumulation or out of the accumulation in financial year 2001-02 is not clear. The assessee has to prove with evidence that the amount accumulated under section 11(2) of the Act was used for the purpose for which it was accumulated. Detail not available case remanded back. Depreciation on Fixed Assets - Amount treated as application of income - Held That:- In view of Tiny Tots Education Society (2010 - TMI - 202259 - Punjab and Haryana High Court), depreciation allowed.
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