MOTHER THERESSA EDUCATIONAL SOCIETY,AMALAPURAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, EXEMPTION CIRCLE, VIJAYAWADA

ITA 229/VIZ/2024Status: DisposedITAT Visakhapatnam24 October 2024AY 2018-19Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)13 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the Assessing Officer had already disallowed the depreciation claim during the assessment, the CIT(E)'s order under Section 263 was not justified. Therefore, the CIT(E)'s order was quashed.

What were the facts?

The assessee claimed depreciation on assets acquired through application of income. The Assessing Officer disallowed this depreciation, considering it a double deduction, but ultimately assessed income at NIL as the 85% application criteria was met. The CIT(E) invoked Section 263, directing a fresh assessment.

What were the issues?

Whether the CIT(E) was justified in invoking Section 263 when the Assessing Officer had already addressed the issue of depreciation during assessment? Whether the claim of depreciation on assets acquired through application of income constitutes a double deduction?

Which sections of the Income-tax Act were involved?

Section 11,Section 11(6),Section 263,Section 270A

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Heard together (3 matters)

I.T.A.No.163/VIZ/2024
C.O. No. 01/VIZ/2024
I.T.A.No.229 /VIZ/2024

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

आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM

श्री दुव्वूरु आरएल रेड्डी, न्याधयक सदस्य एिं श्री एस बालाकृष्णन, लेखा सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER

आयकर अपीलसं./I.T.A.No.163/VIZ/2024 (निर्धारण वर्ा/ Assessment Year: 2018-19) ACIT EXEMPTION CIRCLE v. Mother Theressa Educational Society Near RED Bridge NH-216 Stalin Corporate Building Andhra Pradesh - 533201 Autonagar Vijayawada - 520007, Andhra Pradesh [PAN: AAAAM4660P]

(अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

सी.ओ सं. / C.O. No. 01/VIZ/2024 [आयकअपीलसं. से उत्पन्न / ARISING OUT OF I.T.A. No. 163/VIZ/2024 (निर्धारणवर्ा/ Assessment Year: 2018-19)] Mother Theressa Educational Society v. The Asst. CIT Exemption Circle Income Tax Office, C.R. Building “Annexe” Chaitanya Nagar, Near RED Bridge M.G. Road, Vijayawada – 520007 NH-6, Amalapuram East Godavri District – 533201 Andhra Pradesh [PAN: AAAAM4660P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

I.T.A. Nos. 163&229/VIZ/2024 C.O. No. 01/VIZ/2024 Mother Theressa Educational Society आयकरअपीलसं./I.T.A.No.229 /VIZ/2024 (

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