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2013 (1) TMI 1025 - AT - Income TaxEligibility to claim depreciation as an application of income for the purpose of claiming exemption under Section 11 & 12 - Held that:- Hon’ble P&H High Court in the decisions of Market Committee, Pipli(2010 (7) TMI 374 - Punjab and Haryana High Court ) and of M/s.Tiny Tots Education Society (2010 (7) TMI 377 - Punjab and Haryana High Court ) had held clearly in favour of the assessee that depreciation was allowable as utilization for the purpose of computing exempt income under sections 11 & 12 of the Act. Thus Ld. CIT(A) was justified in directing the A.O. to consider the claim of depreciation as a part of utilization of the assessee. - Decided against revenue.
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