Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The assessee is a public charitable trust. It is registered u/s 12A(a) of the Income Tax Act. Its income is eligible for exemption u/s 11 of the Act subject to the conditions specified therein. In the income and expenditure account submitted by the assessee, the assessee claimed deduction on account of depreciation of Rs.31,03,118/-, which has been disallowed by the Assessing Officer by observing that the same is not allowable while determining the surplus of the income of the assessee after considering various revenue expenditure without depreciation, capital expenditure applied to the objects of the Trust and the amount set apart u/s 11 subsection( 2) of the Act.
Citation :
Asstt. Director of Income Tax(E), TC-II, New Delhi. (Appellant) Vs International Goudiya Vedanta Trust, B-3, Block OCF Pocket,Near Musical Fountain Park,Janakpuri, New Delhi-110058 (PAN No. AAATI2455H)(Respondent)
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