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2018 (1) TMI 606 - HC - Income TaxClaim of depreciation by assessee trust - ITAT allowed the claim - Held that:- The facts of the case are that the respondent-assessee is engaged in imparting education and educational activities and is currently educational institute by the name of Mahatma Jyoti Rao Phule. The respondent-assessee was granted education vide order dated 8.8.2014 with effect from 26.3.2014. Hence, the assessee claimed exemption u/s 10, 11 & 12 of the Act. However, the AO in re-assessment proceedings disallowed the claim of assessee’s exemption u/s 11 and consequential issues related to tax on account of disallowance of benefit u/s 12AA and further deleted the claim of depreciation. We have gone through the judgment of CIT(A) & ITAT. We are in complete agreement with the view taken by the Tribunal. No substantial questions of law arises.
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