https://www.taxtmi.com/caselaws?id=388143 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case concerning the classification of donations as anonymous under Section 115BBC of the Income Tax Act. The ITAT determined that the donations were not truly anonymous as the donors' identities were known, and the purpose of the donations was specified. Consequently, the donations did not fall under Section 115BBC, leading to the rejection of their addition. Additionally, the ITAT allowed the depreciation claimed by the assessee, overturning the Revenue's disallowance based on a Supreme Court judgment emphasizing the legitimacy of depreciation deductions. en-us Thu, 05 Sep 2019 00:00:00 +0530 Fri, 08 Nov 2019 10:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388143 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case concerning the classification of donations as anonymous under Section 115BBC of the Income Tax Act. The ITAT determined that the donations were not truly anonymous as the donors' identities were known, and the purpose of the donations was specified. Consequently, the donations did not fall under Section 115BBC, leading to the rejection of their addition. Additionally, the ITAT allowed the depreciation claimed by the assessee, overturning the Revenue's disallowance based on a Supreme Court judgment emphasizing the legitimacy of depreciation deductions. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388143