https://www.taxtmi.com/caselaws?id=753185 The ITAT Chennai remanded a trust taxation matter to the AO for fresh examination. The trust claimed it applied more than 85% of income before depreciation, arguing no tax liability existed despite inadvertently claiming depreciation. The tribunal noted Section 11(6) requires income determination without depreciation deductions when asset acquisition was claimed as income application. The ITAT set aside the issue for the AO to re-examine the trust's income application and recalculate any tax liability according to law. The appeal was allowed for statistical purposes. en-us Fri, 17 May 2024 00:00:00 +0530 Tue, 28 May 2024 07:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753185 The ITAT Chennai remanded a trust taxation matter to the AO for fresh examination. The trust claimed it applied more than 85% of income before depreciation, arguing no tax liability existed despite inadvertently claiming depreciation. The tribunal noted Section 11(6) requires income determination without depreciation deductions when asset acquisition was claimed as income application. The ITAT set aside the issue for the AO to re-examine the trust's income application and recalculate any tax liability according to law. The appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753185