Day: November 12, 2016

Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT

Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …

Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court

Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court ¬† ABCAUS Case Law Citation: 1050 (2016) (11) ITAT The Grievance: In the instant case both Revenue and the assessee were aggrieved by the …