SRI SATHYA SAI CENTRAL TRUST,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION), CIRCLE-1, BANGALORE

ITA 103/BANG/2021Status: DisposedITAT Bangalore17 January 2022AY 2012-1310 pages
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What did the Tribunal hold?

The Tribunal held that depreciation is allowable as application of income. It also directed the AO to recompute the interest under Section 234B after hearing the assessee.

What were the facts?

The assessee, Sri Sathya Sai Central Trust, appealed against orders confirming the treatment of expenditure and denial of depreciation. The appeals also concerned the levy of interest under Section 234B.

What were the issues?

Whether depreciation is allowable as application of income for charitable trusts and whether interest under Section 234B was correctly levied.

Which sections of the Income-tax Act were involved?

Section 11,Section 115BBC,Section 234B,Section 250

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “A’’ BENCH: BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI CHANDRA POOJARI

For Appellant: Shri G. Venkatesh, A.R
For Respondent: Shri Sumer Singh Meena, D.R.(OSD)
Hearing: 17.01.2022Pronounced: 17.01.2022

Heard together (2 matters)

ITA No.1811/Bang/2018
ITA 103/Bang/2021

Read from the judgment's own cause title. This page is filed under one of them.

PER CHANDRA POOJARI, ACCOUNTANT MEMBER:

These two are assessee’s appeals directed against different orders of Ld. CIT(A)-14, Bengaluru dated 29.3.2018 and 20.8.2020 for the assessment years 2014-15 & 2012-13. There was a delay of 156 days in filing the appeal in ITA No.103/Bang/2021 for the assessment year 2012-13. 2. The grounds of appeal of the assessee in ITA No.1811/Bang/2018 are as under: 1. “The impugned order of the Commissioner of Income Tax (Appeals)- 14, Bangalore [for short 'the CIT(A)'], passed under section 250 of the Income Tax Act, 1961 is opposed to law, w

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