https://www.taxtmi.com/caselaws?id=760958 The ITAT Jaipur remanded the trust's depreciation claim to the AO for verification of asset records and application of income, directing reasonable opportunity of hearing under section 11. The tribunal allowed the trust's challenge regarding advances to specified persons, holding no statutory provision deems such advances as income additions, citing precedent where advance payments under cancelled agreements with returned principal and interest didn't violate section 13(1)(c). The tribunal emphasized that mere book entries without actual income accrual cannot constitute taxable income, distinguishing between income received and subsequently given up versus income that never actually resulted. en-us Wed, 11 Sep 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760958 The ITAT Jaipur remanded the trust's depreciation claim to the AO for verification of asset records and application of income, directing reasonable opportunity of hearing under section 11. The tribunal allowed the trust's challenge regarding advances to specified persons, holding no statutory provision deems such advances as income additions, citing precedent where advance payments under cancelled agreements with returned principal and interest didn't violate section 13(1)(c). The tribunal emphasized that mere book entries without actual income accrual cannot constitute taxable income, distinguishing between income received and subsequently given up versus income that never actually resulted. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760958