Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 370 - AT - Income TaxDisallowance of depreciation - cost of acquisition of capital asset has been claimed as application of income for charitable purposes in the year of acquisition - CIT allowed the claim - Held that:- As the assessee is registered u/s 12A it did not claim benefit of provisions of sec. 11 & 12 in view of insertion of first proviso to section 2(15) as introduced by the Finance Act, 2009 w.e.f 01.04.2009 - The CIT(A) did not analyse the issues in proper perspective and merely followed decisions rendered prior to insertion of the aforesaid first proviso to sec. 2(15) despite the undisputed fact that the assessee itself did not claim benefit of provisions of sec. 11 & 12 in the computation of income annexed with return, filed report of audit in form 3CD in terms of provisions of sec. 44AB and declared suo motu income under the head ‘Profits and Gains of the Business or Profession’. Section 250(6) mandates that the order of the CIT(A) while disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reasons for the decision - set aside the order of the ld. CIT(A) and restore the matter to his file for deciding the aforesaid issues, afresh in accordance with law - in favour of revenue.
|