https://www.taxtmi.com/caselaws?id=268179 The Tribunal upheld the CIT(A)'s decision allowing depreciation on assets claimed as application of income, ruling that it is distinct from income computation. It also agreed that only the profit from the sale of capital assets should be considered as income. The Tribunal supported the CIT(A)'s stance that no addition under Section 68 was warranted for corpus donations due to the Revenue's failure to verify donor details. Additionally, corpus donations were deemed exempt from income treatment. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order on all issues, ensuring compliance with statutory provisions and judicial precedents. en-us Wed, 04 Nov 2015 00:00:00 +0530 Sat, 21 Nov 2015 12:45:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268179 The Tribunal upheld the CIT(A)'s decision allowing depreciation on assets claimed as application of income, ruling that it is distinct from income computation. It also agreed that only the profit from the sale of capital assets should be considered as income. The Tribunal supported the CIT(A)'s stance that no addition under Section 68 was warranted for corpus donations due to the Revenue's failure to verify donor details. Additionally, corpus donations were deemed exempt from income treatment. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order on all issues, ensuring compliance with statutory provisions and judicial precedents. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268179