Deputy Commissioner of Income-Tax, Bangalore vs. M/S.Panchajanya Vidya Peeta Welfare Trust, Bangalore
In the result, all the appeals of the revenue are dismissed
ITA 1790/BANG/2016[2013-14]Status: DisposedITAT Bangalore29 Nov 2017AY 2013-14
Bench: Shri Arun Kumar Garodiaand Shri Laliet Kumar
For Appellant: Shri A. Shankar, AdvocateFor Respondent: Smt. Susan D. George, CIT (DR)
Section 11Section 11(1)(a)Section 70
…of revenue supported the assessment order. She also submitted written submissions and in respect of the allowability of depreciation, reliance is placed on a judgment of Hon’ble Kerala High Court rendered in the case of M/s Lissy Medical Institutions vs. CIT, 349 ITR 344 and of Hon’ble Apex court rendered in the case of Escorts Ltd. vs. Union of India, 199 ITR 43. In respect of the second issue i.e. carry forward and set off of excess of expenditure over income, reliance is placed on the tribunal order rendered in the case of ITO vs. Sri Sathya Sai Trust, 33 ITD 320. In addition to this, reliance is placed on the…