https://www.taxtmi.com/caselaws?id=391579 The Tribunal upheld the CIT(A)'s decision to allow exemption under Section 11 of the Income Tax Act, dismissing the Revenue's challenge. Regarding the disallowance of depreciation, the Tribunal remanded the issue back to the AO for verification despite the CIT(A)'s deletion of the disallowance. The addition under Section 40A(3) was also upheld by the Tribunal, rejecting the Revenue's argument and citing previous consistent decisions. The appeal was partly allowed for statistical purposes, with no costs ordered. en-us Thu, 23 Jan 2020 00:00:00 +0530 Fri, 31 Jan 2020 21:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391579 The Tribunal upheld the CIT(A)'s decision to allow exemption under Section 11 of the Income Tax Act, dismissing the Revenue's challenge. Regarding the disallowance of depreciation, the Tribunal remanded the issue back to the AO for verification despite the CIT(A)'s deletion of the disallowance. The addition under Section 40A(3) was also upheld by the Tribunal, rejecting the Revenue's argument and citing previous consistent decisions. The appeal was partly allowed for statistical purposes, with no costs ordered. Case-Laws Income Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391579