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2019 (3) TMI 216 - AT - Income TaxExemptions u/s 11 - charitable activity - denial of exemption as widespread commercial activities in nature of business - set off of unabsorbed depreciation - Adjustment of deficit of earlier years against the income of the current year - HELD THAT:- Appellant is eligible for exemption u/s 11 of the Act following the order passed by his predecessor for A.Y. 2010-11 in assessee’s own case. Also the benefit of deficit of earlier years against the income of the current year was also correctly allowed by the Learned CIT(A) relying on the order passed by the Hon’ble Jurisdictional High Court in the case of CIT-vs-Sheth Manilal Ranchhoddas Vishram Bhavan Trust (1992 (2) TMI 51 - GUJARAT HIGH COURT). - Decided in favour of assessee.
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