https://www.taxtmi.com/caselaws?id=278542 The ITAT upheld the CIT(A)'s decision allowing the deficit carry forward under section 11(1)(a), rejecting the Revenue's argument of double benefit. The ITAT also upheld the CIT(A)'s decision to permit the depreciation claim, despite the Revenue's objection. The ITAT affirmed the CIT(A)'s interpretation of High Court judgments, emphasizing the application of commercial principles in computing income for charitable trusts. Consequently, the Revenue's appeal was dismissed, and the orders in favor of the assessee were upheld. en-us Wed, 22 Jun 2016 00:00:00 +0530 Tue, 12 Feb 2019 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278542 The ITAT upheld the CIT(A)'s decision allowing the deficit carry forward under section 11(1)(a), rejecting the Revenue's argument of double benefit. The ITAT also upheld the CIT(A)'s decision to permit the depreciation claim, despite the Revenue's objection. The ITAT affirmed the CIT(A)'s interpretation of High Court judgments, emphasizing the application of commercial principles in computing income for charitable trusts. Consequently, the Revenue's appeal was dismissed, and the orders in favor of the assessee were upheld. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278542