Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT held in favor of the assessee on the denial of depreciation issue. The CIT(A)'s decision to allow the assessee's claim of depreciation was upheld, directing the AO to grant the depreciation. The tribunal confirmed that the assessee, a registered charitable society under the Societies Registration Act, qualifies for exemptions u/s 11 to 13. The society's activities were deemed charitable as they aimed to promote Information Technology (STPI) without individual benefit. Relying on the precedent from AY 2012-13, the tribunal dismissed the Revenue's appeal, upholding the assessee's charitable status. The assessee's appeal was allowed, while the Revenue's appeal was rejected.
The ITAT held in favor of the assessee on the denial of depreciation issue. The CIT(A)'s decision to allow the assessee's claim of depreciation was upheld, directing the AO to grant the depreciation. The tribunal confirmed that the assessee, a registered charitable society under the Societies Registration Act, qualifies for exemptions u/s 11 to 13. The society's activities were deemed charitable as they aimed to promote Information Technology (STPI) without individual benefit. Relying on the precedent from AY 2012-13, the tribunal dismissed the Revenue's appeal, upholding the assessee's charitable status. The assessee's appeal was allowed, while the Revenue's appeal was rejected.
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