Depreciation Income not claimed as Corresponding Deferred Grant Income was included as Receipts u/s 11: ITAT directs Re adjudication [Read Order]

Not claimed application of Income towards depreciation as corresponding income shown under head ā€œDeferred Grant Income includes in receipts under Section 11 of the Income Tax Act
By Aiswarya Krishnadas - On March 24, 2024 4:45 pm - 2 mins read
Depreciation Income - Claimed - Corresponding Deferred Grant Income - Receipts - ITAT - Re-adjudication - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) directed re-adjudication as depreciation income was not claimed, given that corresponding deferred grant income was included as receipts under Section 11 of the Income Tax Act, 1961 The Assessee is a Trust registered under section 12A of the Income Tax Act as a…

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