https://www.taxtmi.com/caselaws?id=219764 The Tribunal upheld the CIT(A)'s decision in favor of the appellant, allowing the claim of depreciation on income from selling religious and educational books and magazines. It rejected the revenue's argument that depreciation would result in double deduction, affirming that the claim did not amount to double deduction and was permissible. Additionally, the Tribunal upheld the enhanced exemption claim under section 11(2) of the Income Tax Act, allowing the assessee to claim a higher accumulation amount than initially declared. The Tribunal also ruled in favor of the assessee regarding the entitlement to claim depreciation and the interpretation of statutory provisions on accumulation of higher income under section 11(2). Finally, the Tribunal dismissed the revenue's appeal regarding the admissibility of a belated claim of deduction under section 119(2)(b) of the Act. en-us Wed, 06 Jun 2012 00:00:00 +0530 Sat, 15 Dec 2012 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219764 The Tribunal upheld the CIT(A)'s decision in favor of the appellant, allowing the claim of depreciation on income from selling religious and educational books and magazines. It rejected the revenue's argument that depreciation would result in double deduction, affirming that the claim did not amount to double deduction and was permissible. Additionally, the Tribunal upheld the enhanced exemption claim under section 11(2) of the Income Tax Act, allowing the assessee to claim a higher accumulation amount than initially declared. The Tribunal also ruled in favor of the assessee regarding the entitlement to claim depreciation and the interpretation of statutory provisions on accumulation of higher income under section 11(2). Finally, the Tribunal dismissed the revenue's appeal regarding the admissibility of a belated claim of deduction under section 119(2)(b) of the Act. Case-Laws Income Tax Wed, 06 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219764