Accumulation Income can be applied towards Acquisition of Fixed Assets u/s 11(6) of Income Tax: ITAT [Read Order]
The bench clarified that Section 11(6), though introduced in 2015, was applicable and allowed the use of accumulated income for fixed assets without double deduction for depreciation
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal of the assessee ruling that accumulated income can be applied towards the acquisition of fixed assets under Section 11(6) of the Income Tax Act,1961. Gujarat Safety Council,the appellant-assessee,was a trust that conducted safety training programs. For the assessment year 2014-15, it…
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