ASSISTANT OINT COMMISSIONER OF INCOME-TAX vs. PYC HINDU GYMKHANA,, PUNE
In the result, appeal of the assessee is partly allowed for statistical
ITA 187/PUN/2015[2010-11]Status: DisposedITAT Pune23 Jul 2018AY 2010-11
Bench: Shri "याियक सद"य के सम" D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं आयकर अपील सं. / Ita No.179/Pun/2015 आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year : 2010-11 िनधा"रण वष" िनधा"रण वष"
For Appellant: Shri Sunil Pathak
Section 11Section 2(15)
penalty proceedings under section 271(1)(c) of the Act are initiated for furnishing inaccurate particulars of income.”
5. Further, on the issue of allowing depreciation u/s.32 of the Act, in
respect of the capital assets (building) purchased with exempt income, the AO
held that the claim of depreciation is not allowable on the said assets. AO
noted that