2023 (5) TMI 1061 - AT - Income Tax

Exemption u/s 11 - assessee a charitable institution u/s 2(15) - assessee eligibility for allowance of depreciation claimed on the cost of assets purchased during the preceding assessment years - HELD THAT:- As we reached to a logical conclusion that the Ld.CIT(A) right in holding that the assessee is eligible for claiming depreciation as application of income on the assets purchased during preceding assessment year and consequentially he is also eligible for benefit of exemption u/s 11 and other relevant provisions of the Act.

We reached to a logical conclusion that the Ld.CIT(A) right in holding that the assessee is eligible for claiming depreciation as application of income on the assets purchased during preceding assessment year and consequentially he is also eligible for benefit of exemption u/s 11 and other relevant provisions of the Act. Ground no. 2 of Revenue dismissed being devoid of merits.

Disallowance on account of personal use of car by office reasons - HELD THAT:- In view of above on being asked by the bench the Ld. Sr. DR could not show as any contrary view or finding of the Tribunal or any higher authority such as Hon’ble High Court. Therefore, we hold that the issue is squarely covered in favour of assessee by the order of the coordinate bench of the Tribunal in assessee’s own case for AY 2009-10. Accordingly, the ground no. 1 of Revenue is also dismissed.