https://www.taxtmi.com/caselaws?id=427556 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision in favor of the assessee. It upheld that the investments did not contravene section 13(1)(d) and were in accordance with section 11(5) of the Income Tax Act. Consequently, the assessee retained the benefits under sections 11 and 12, and the Tribunal found no merit in the Revenue's arguments regarding the treatment of entrance fees and depreciation disallowance. The Tribunal relied on legal precedents and the lack of new evidence from the Revenue to justify its decision. en-us Thu, 08 Sep 2022 00:00:00 +0530 Fri, 20 Dec 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427556 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision in favor of the assessee. It upheld that the investments did not contravene section 13(1)(d) and were in accordance with section 11(5) of the Income Tax Act. Consequently, the assessee retained the benefits under sections 11 and 12, and the Tribunal found no merit in the Revenue's arguments regarding the treatment of entrance fees and depreciation disallowance. The Tribunal relied on legal precedents and the lack of new evidence from the Revenue to justify its decision. Case-Laws Income Tax Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427556