DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTIONS), CIRCLE-1, BENGALURU vs. KARNATAKA INDUSTRIAL AREAS DEVELOPMENT BOARD, BENGALURU

In the result, both the appeals filed by revenue are dismissed

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

44A of the Act, observed : "depreciation claimed shall include the expenditure incurred." 16. There are only two recognised methods of accounting : (i) cash basis, and (ii) merecantile basis. Under the cash basis only cash transactions are recorded. It is only cash receipts and cash payments which find entries in the books of account. Mercantile system of accounting was explained

DEPUTY DIRECTOR OF INCOME TAX (EXEMPTION), BANGALORE vs. OHIO UNIVERSITY CHRIST COLLEGE ACADEMY FOR MANAGEMENT EDUCATION, BANGALORE

In the result, Revenue’s appeals for both Assessment Years 2008-09 and 2009-10 are dismissed

44A of the Act, observed: "Depreciation claimed shall include the expenditure incurred." 10. There are only two recognised methods of accounting : (i) cash basis, (ii) mercantile basis. Under the cash basis only cash transactions are recorded. It is only cash receipts and cash payments which find entries in the books of account. Mercantile system of accounting was explained