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2015 (11) TMI 645 - AT - Income TaxEntitlement for the accumulation of income - submission of form No 10 delayed - Held that:- Honourable Gujarat high court in case of CIT V Mayur Foundation Mayur Foundation [2004 (12) TMI 48 - GUJARAT High Court ] has held that if form no 10 is submitted at any time before the assessment is completed same should be considered as valid compliance of law. Admittedly in this case assessee has submitted the form No 10 before the completion of assessment proceedings therefore no fault can be found with the assessee. Therefore we are of the view that the form no. 10 submitted by the assessee before completion of assessment proceedings and is having the specific objects therefore trust is entitled for the accumulation of income. - Decided in favour of assessee. Allowability of depreciation - AO has disallowed the depreciation claimed by the assessee trust on the ground that once the assets are acquired assessee has claimed the deduction as application of income and further deprecation there on is also claimed - Held that:- this issue is squarely covered in favour of the assessee by the decision of Honourable Jurisdictional High court in case of Director of Income tax V Vishwa Jagriti Mission [2012 (4) TMI 289 - DELHI HIGH COURT] wherein held held that claim of depreciation on fixed assets utilized for the charitable purposes has to be allowed while arriving at the income available for application to charitable and religious purposes, since the income of the society should be computed on the basis of commercial principles - Decided in favour of assessee.
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