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2017 (10) TMI 385 - HC - Income TaxDepreciation claim to assessee trust - application of income under Section 11(1)(a) - Held that:- Law permits this course and there is no double deduction. See Commissioner of Income Tax Vs. Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY High Court] Appeal admitted on “(B) Whether on the facts of the case and in law the Hon'ble Tribunal erred in allowing the assessee had investment of ₹ 25 lakhs with Canara Robeco Mutual Fund which was not permissible under Section 11(5)(2)(b) of the Income Tax Act, 1961? (C) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in allowing exemption under Section 11 of the Act to the Assessee Trust in spite of violation of the provisions of Section 13(1)(d) read with Section 11(5) of the Act by the AssesseeTrust in investing ₹ 50 lakhs in Fixed Deposit with Tata Motors Ltd?”
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