https://www.taxtmi.com/caselaws?id=461267 ITAT Rajkot allowed the assessee's appeal on multiple grounds. The tribunal held that charitable trusts are entitled to depreciation claims over and above exemptions under sections 11 and 12, following SC precedent in Rajasthan and Gujarati Charitable Foundation case. However, exemption under section 11 was denied due to non-filing of audit report in Form 10B with the return. The tribunal allowed full deduction for productivity linked reward provision at 20% of salary, rejecting revenue's argument that only actual payments qualify. The tribunal also permitted set-off of entire carried forward losses, directing AO to allow complete loss adjustment. en-us Fri, 08 Jun 2018 00:00:00 +0530 Tue, 25 Mar 2025 20:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461267 ITAT Rajkot allowed the assessee's appeal on multiple grounds. The tribunal held that charitable trusts are entitled to depreciation claims over and above exemptions under sections 11 and 12, following SC precedent in Rajasthan and Gujarati Charitable Foundation case. However, exemption under section 11 was denied due to non-filing of audit report in Form 10B with the return. The tribunal allowed full deduction for productivity linked reward provision at 20% of salary, rejecting revenue's argument that only actual payments qualify. The tribunal also permitted set-off of entire carried forward losses, directing AO to allow complete loss adjustment. Case-Laws Income Tax Fri, 08 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461267