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2015 (1) TMI 1438 - HC - Income TaxAssessment of trust - Carry forward and set off of deficit of earlier years - Whether as per the accounting norms, capital expenditure is not to be debited to income and expenditure account and hence no occasion arises when a deficit can be computed while allowing claim of application of income by way of capital expenditure as deduction? - HELD THAT:- Although the issue stands covered by the decision of this court in Institution of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY HIGH COURT] the fact is that revenue is aggrieved by it, however, Revenue did not challenge it in the higher forum in view of low tax effect. Be that as it may, no fault can be found with the order of the tribunal giving rise to the substantial question of law.
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