https://www.taxtmi.com/caselaws?id=462084 ITAT Kolkata ruled in favor of the assessee trust on two key issues regarding section 11 exemption. First, the tribunal held that 15% exemption under section 11(1) applies to gross receipts, not net receipts, as the provision specifically states "15% of the income." Second, regarding depreciation expenses, the tribunal allowed depreciation while calculating application of funds, citing SC precedent that Finance Act 2014 amendments prohibiting depreciation allowance are prospective from AY 2015-16. Since the assessment year was 2012-13, the amendment did not apply. The assessee's appeal was allowed. en-us Wed, 22 Jan 2020 00:00:00 +0530 Wed, 21 May 2025 21:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462084 ITAT Kolkata ruled in favor of the assessee trust on two key issues regarding section 11 exemption. First, the tribunal held that 15% exemption under section 11(1) applies to gross receipts, not net receipts, as the provision specifically states "15% of the income." Second, regarding depreciation expenses, the tribunal allowed depreciation while calculating application of funds, citing SC precedent that Finance Act 2014 amendments prohibiting depreciation allowance are prospective from AY 2015-16. Since the assessment year was 2012-13, the amendment did not apply. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462084