M/S AYODHYA FAIZABAD DEVELOPEMENT AUTHORITY,FAIZABAD vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys.2017-18 and 2018-19, the ld. CIT(A) dealt with the \nclaim of depreciation claimed by the assessee and disallowed by the ld. AO in accordance with \nthe provisions of section 11(6) of the Act. The ld. CIT observed that as the exemption under

M/S AYODHYA FAIZABAD DEVELOPEMENT AUTHORITY,FAIZABAD vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

2(15) of the Act, 1961.\n26. Finally, in his orders for the A.Ys.2017-18 and 2018-19, the ld. CIT(A) dealt with the \nclaim of depreciation claimed by the assessee and disallowed by the ld. AO in accordance with \nthe provisions of section 11(6) of the Act. The ld. CIT observed that as the exemption under

ASSISTANT COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE), BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

capital receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

capital receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable