https://www.taxtmi.com/caselaws?id=200247 The Tribunal upheld the decision of the CIT(A) to disallow the claim for statutory accumulation of income at the rate of 25% of gross total income by the assessee for the assessment year 2001-02. The Tribunal emphasized that statutory accumulation cannot be allowed if no income remains for application, despite legal precedents cited by the assessee. The appeal was dismissed, with the Tribunal also declining to address the revenue's argument against allowing depreciation on assets used for charitable purposes due to the issue not being raised in the appeal. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 04 Mar 2023 06:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200247 The Tribunal upheld the decision of the CIT(A) to disallow the claim for statutory accumulation of income at the rate of 25% of gross total income by the assessee for the assessment year 2001-02. The Tribunal emphasized that statutory accumulation cannot be allowed if no income remains for application, despite legal precedents cited by the assessee. The appeal was dismissed, with the Tribunal also declining to address the revenue's argument against allowing depreciation on assets used for charitable purposes due to the issue not being raised in the appeal. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200247