AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim. ITAT noted u/s 11(6) disallowing depreciation on assets claimed as income application. The issue was remanded to AO for fresh income application review. The appeal was allowed for statistical purposes.....