2018 (9) TMI 879

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.... AKIL KURESHI) 1. This appeal is filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration: "(A) Whether, on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in allowing relief of undisclosed interest income of Rs. 23,08,970/as per 26AS data which was not included i....

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....ee's claim of depreciation under section 35AC of the the Income Tax Act, 1961 ('the Act' for short) in relation to assets purchased for its cardiac center out of the grants received which were covered for exemption under section 35AC of the Act. The stand of the Assessing Officer was that on such grants, the donees would claim exemption in terms of section 35AC. The assessee therefore ....

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....reme Court confirmed the decision of the Bombay High Court and various other High Courts granting depreciation to a Trust even though the Trust was eligible for exemption under section 11 of the Act. The income of the Trust was eligible for exemption under section 11 of the Act. 5. Learned counsel for the Revenue however submitted that in the present case, we are concerned with the deduction un....