https://www.taxtmi.com/caselaws?id=326300 The ITAT Chennai allowed the Revenue's appeal, ruling in favor of taxing the unutilized accumulated amount in the specific assessment year and disallowing depreciation on assets where costs were treated as application of income for exemption under section 11 of the Act. The ITAT Chennai emphasized the independence of claims for each assessment year, setting aside the CIT(A)'s decision in both issues and restoring the Assessing Officer's order. en-us Fri, 11 Dec 2015 00:00:00 +0530 Tue, 12 Apr 2016 11:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326300 The ITAT Chennai allowed the Revenue's appeal, ruling in favor of taxing the unutilized accumulated amount in the specific assessment year and disallowing depreciation on assets where costs were treated as application of income for exemption under section 11 of the Act. The ITAT Chennai emphasized the independence of claims for each assessment year, setting aside the CIT(A)'s decision in both issues and restoring the Assessing Officer's order. Case-Laws Income Tax Fri, 11 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326300