https://www.taxtmi.com/caselaws?id=769001 ITAT Nagpur held that denial of exemption under section 11 should be limited only to the amount violating section 13 provisions, not the entire income. The court relied on CBDT Circular No.387/1984 clarifying that maximum marginal rate applies only to income forfeiting exemption. Addition under section 69A was dismissed as impounded documents lacked authentication and corroborative evidence. The court confirmed that when source of income is known, section 69A cannot be invoked. Depreciation was allowed as application of income, noting the statute permits either depreciation or capital expenditure application. en-us Thu, 03 Apr 2025 00:00:00 +0530 Thu, 17 Apr 2025 08:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769001 ITAT Nagpur held that denial of exemption under section 11 should be limited only to the amount violating section 13 provisions, not the entire income. The court relied on CBDT Circular No.387/1984 clarifying that maximum marginal rate applies only to income forfeiting exemption. Addition under section 69A was dismissed as impounded documents lacked authentication and corroborative evidence. The court confirmed that when source of income is known, section 69A cannot be invoked. Depreciation was allowed as application of income, noting the statute permits either depreciation or capital expenditure application. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769001