https://www.taxtmi.com/caselaws?id=364169 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting both additions made by the Assessing Officer. The first addition of Rs. 2,35,43,997 as business income from hostel facility surplus was deemed unsustainable, as providing hostel facilities to students and staff was considered incidental to the objective of providing education. The second addition of Rs. 4,04,17,438 disallowed as depreciation claimed by the assessee was overturned based on judicial precedents emphasizing that depreciation should be allowed even if the asset cost had been treated as application of income. en-us Thu, 19 Jul 2018 00:00:00 +0530 Tue, 24 Jul 2018 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364169 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting both additions made by the Assessing Officer. The first addition of Rs. 2,35,43,997 as business income from hostel facility surplus was deemed unsustainable, as providing hostel facilities to students and staff was considered incidental to the objective of providing education. The second addition of Rs. 4,04,17,438 disallowed as depreciation claimed by the assessee was overturned based on judicial precedents emphasizing that depreciation should be allowed even if the asset cost had been treated as application of income. Case-Laws Income Tax Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364169