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2021 (2) TMI 681 - HC - Income TaxAssessment of trust - Depreciation on the asset purchased through application of income - HELD THAT:- First substantial question of law involved in this appeal has already been answered against the revenue by a decision of the Supreme Court in 'CIT Vs. RAJASTHAN & GUJARAT CHARITABLE FOUNDATION POONA' [2017 (12) TMI 1067 - SUPREME COURT] as well as the decision of this Court in 'DIT Vs. AL-AMEEN CHARITABLE FUND TRUST' [2016 (3) TMI 462 - KARNATAKA HIGH COURT] Eligibility to carry forward the deficit to the subsequent years, so that to set off with future year income - HELD THAT:- second substantial question of law has already been answered against the revenue by the decisions of this Court in 'CIT Vs. OHIO UNIVERSITY CHRIST COLLEGE' [2018 (11) TMI 1055 - KARNATAKA HIGH COURT] as well as 'PCIT Vs. MANIPAL ACADEMY OF HIGHER EDUCATION ( [2018 (8) TMI 1865 - KARNATAKA HIGH COURT].
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