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2013 (7) TMI 727 - AT - Income TaxCharitable Trust having spent excess amount in the preceding assessment years has been wrongly rejected –Whilst computing assessee's incomes from assessment year 1999-2000 to preceding assessment year ie. 2008-09 corpus donations totaling Rs.24,999,000/- have been taken as income as per Commissioner(A) order - Thereafter, Commissioner(A) has calculated total application of income which has resulted in short fall of Rs.2,18,31,054/- - It is manifest from the latter portion of the abovesaid Order of Comm(A) that the corpus donations have been held as not part of the income – Held that:- The said findings are mutually contradictory ie. on the one hand the corpus donations have been taken as income; on the other, they have been held not to be treated as part of assessee's income by quoting relevant provision {sec.11(1)(d) of the Act} - Issue requires a detailed adjudication at the hands of the Assessing Officer – Matter remanded back to the Assessing Officer – Decided in favor of Assessee. Depreciation on Fixed assets under section 32 of I.T.Act,1961 – Held that:- Since the main issue has been restored to the Assessing Officer, this claim of the assessee would also be decided afresh after taking into consideration the case law cited – Also, in case it turns out that the assessee is carrying on any business, then only, while computing business income, it would be entitled for depreciation on assets used in the business.
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