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2020 (2) TMI 327 - HC - Income TaxDeprecation to assessee trust - deduction of capital expenditure incurred on assets acquired for the objects of the trust as application - HELD THAT:- Question answered in favour of the assessee and against the revenue by this Court in Commissioner of Income Tax Vs. Institute of Banking Personnel Selection [2003 (7) TMI 52 - BOMBAY HIGH COURT] . This finding has been affirmed by the Supreme Court in Commissioner of Income Tax-III, Pune Vs. Rajasthan & Gujarati Charitable Foundation Poona [2017 (12) TMI 1067 - SUPREME COURT] Carry forward of deficit and allowing set off against the income of the subsequent years - Whether allowing the deficit will tantamount to double deduction on account of expenditure out of exempt income? - HELD THAT:- concluded in favour of the assessee and against the revenue by the Supreme Court in Commissioner of Income Tax (Exemption), New Delhi Vs. Subros Educational Society [2018 (4) TMI 1622 - SC ORDER]
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