TaxTMI 
TaxTMI 
2012 (12) TMI 1087
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....he revenue is directed against the order dated 22.6.211 of CIT(A) for the assessment year 2008-09. The only dispute raised by the revenue in this appeal is regarding allowability of depreciation in respect of capital expenditure incurred for the purpose of section 11 of the Income tax Act and regarding allowability of set off of deficit of earlier year against income of current year. 2. Facts in....
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....oks of account. The AO, therefore, assessed the loss as business loss and did not set it off against income from charitable activities. In appeal, CIT(A) following the decision of the Tribunal in the assessee's own case for assessment year 2004-05 in ITA No.4409/M/2007 accepted the claim of the assessee that exhibition activities were incidental to main objects of the assessee. CIT(A) directed the....
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....e on the basis of material available on record after hearing the ld. DR who supported the order of AO. 4. We have perused the records and considered the matter carefully. The dispute is regarding allowability of depreciation in respect of capital expenditure incurred by the trust for furtherance of its objectives and set off of deficit of earlier years against the income of the current year. It ....