https://www.taxtmi.com/caselaws?id=764984 The ITAT Raipur dismissed the assessee society's claim for exemption under sections 11/12 of the Income Tax Act for AY 2017-18. The society failed to satisfy the mandatory pre-condition under section 12A(1)(b) as it did not file its return of income for the relevant assessment year, only submitting audited financial statements during assessment proceedings. However, the tribunal allowed depreciation on fixed assets under section 32(1) despite the society not claiming it in their return, directing the AO to verify requisite conditions. The tribunal rejected the society's contention that CIT(A) enhanced income without opportunity, clarifying that using net surplus from income-expenditure account for computing taxable income does not constitute enhancement. en-us Thu, 12 Dec 2024 00:00:00 +0530 Thu, 23 Jan 2025 08:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764984 The ITAT Raipur dismissed the assessee society's claim for exemption under sections 11/12 of the Income Tax Act for AY 2017-18. The society failed to satisfy the mandatory pre-condition under section 12A(1)(b) as it did not file its return of income for the relevant assessment year, only submitting audited financial statements during assessment proceedings. However, the tribunal allowed depreciation on fixed assets under section 32(1) despite the society not claiming it in their return, directing the AO to verify requisite conditions. The tribunal rejected the society's contention that CIT(A) enhanced income without opportunity, clarifying that using net surplus from income-expenditure account for computing taxable income does not constitute enhancement. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764984