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2017 (11) TMI 1798 - AT - Income TaxCharitable activity - Applicability of proviso to section 2(15) - denying the benefits of section 11(1)(a) - activity of breeding milk cattle; to improve the quality of cows and oxen and other related activities - HELD THAT:- The objects of the Trust clearly establish that the same was for general public utility and for charitable purposes - Profit making was neither the aim nor object of the Trust - Merely because while carrying out the activities for the purpose of achieving the objects of the Trust, certain incidental surpluses were generated, would not render the activity in the nature of trade, commerce or business - See Sabarmati Ashram Gaushala Trust case [2014 (1) TMI 1539 - GUJARAT HIGH COURT] Non granting of set off of brought forward unabsorbed depreciation - HELD THAT:- Deficit shown in the earlier years is eligible to be given set off for surplus, if any for the year under consideration. Therefore, the AO is directed to allow the set off of brought forward deficit while giving appeal effect to our order.
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