2014 (4) TMI 675

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.....P5 assessment order passed by the first respondent is under challenge in this writ petition. 2. The case of the petitioner is that, the eligibility and claim of the petitioner to have exemption being a 'Trust' under Section 11 of the Income Tax Act has been simply denied, while passing Ext.P5 order. and this made the petitioner to approach this Court. There is also a challenge with regar....

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....et income = Rs154182071 Less Application of income (revenue) = Rs 131218847 Less depreciation disallowed and added back in income =  Rs 28756096 Actual Application of Money = Rs102462751 But shortfall on account of depreciation is not considered  for tax demand; this is due to effect of High Court's verdict on identical issue. (If it is added back in taxable  income it will ....

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....at the denial of exemption is not a blanket denial. In view of the contents of the said order, the correctness of the figures will have to be examined by the competent authority with reference to the relevant records. This cannot be pursued in a proceeding under Article 226 of the Constitution of India, more so when the petitioner is having an effective alternative remedy by way of appeal. 6. In ....