Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 116 - AT - Income TaxExemption u/s 11 - as per AO assessee was not engaged in charitable activity and had earned above normal profits - CIT-A allowed the benefit - HELD THAT:- It is noted that the Ld. CIT(A) has taken into consideration the fact that the assessee is duly registered u/s 12AA and for the year under consideration, the assessee’s total receipt are to the tune of Rs. 822.24 lacs and total expenditure to the tune of Rs. 923.85 lacs which shows that the assessee actually had no surplus rather there is deficit during the year under consideration. Capital expenditure has been incurred to acquire assets namely computer, electrical equipments, furniture and fixtures, laboratory equipments, building construction and related objects of the assessee society. Further the Ld. CIT(A) has taken into consideration the fact that the claim of the assessee has been allowed by the AO for A.Y. 2009-10, 2013-14 and 2014-15 wherein the claim of the assessee has been accepted and exemption u/s 11 has been allowed to the assessee. As regards the double deduction on account of depreciation, the AO has been asked to verify the same as per the law applicable for the year under consideration - No infirmity in the finings so recorded by the Ld. CIT(A) who has considered the entirety of facts and circumstances of the case and has allowed the exemption so claimed by the assessee u/s 11 of the Act. In the result, the ground taken by the Revenue is hereby dismissed.
|