Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
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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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