https://www.taxtmi.com/caselaws?id=306564 The court ruled against the Revenue on the issue of claiming depreciation on assets treated as application of income under Section 11 based on the Supreme Court precedent. The matter of awarding a building contract to a firm involving the Managing Trustee was remanded to the Tribunal for further examination regarding potential violations under Section 13(1)(c) and entitlement to exemption under Section 11. The denial of exemption due to investment in gold bullion was also remanded for reconsideration to allow the assessee to present their case adequately. The Tax Case Appeal was dismissed on the first issue and partly allowed on the second and third issues, with no costs. en-us Tue, 24 Aug 2021 00:00:00 +0530 Thu, 09 Feb 2023 10:01:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306564 The court ruled against the Revenue on the issue of claiming depreciation on assets treated as application of income under Section 11 based on the Supreme Court precedent. The matter of awarding a building contract to a firm involving the Managing Trustee was remanded to the Tribunal for further examination regarding potential violations under Section 13(1)(c) and entitlement to exemption under Section 11. The denial of exemption due to investment in gold bullion was also remanded for reconsideration to allow the assessee to present their case adequately. The Tax Case Appeal was dismissed on the first issue and partly allowed on the second and third issues, with no costs. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306564