Held that Commissioner (Appeals) directing the Assessing Officer to re-compute income giving benefit of exemption with consequential benefit is held to be proper. Once Department accepts that Assessee was charitable society claim to exemption could not be denied merely because the assessee has made in revised return. Depreciation is not a double benefit. Taxes paid out of current year’s income is allowable as application of income. (AY.2012-13)
ACIT v. Software Technology Parks Of India (2022)100 ITR 77 (SN)(Delhi) (Trib)
S. 11 : Property held for charitable purposes-Once Department accepts that Assessee was charitable society claim to exemption could not be denied merely because the assessee has made in revised return-Depreciation-Not a double benefit-Taxes paid out of current year’s income-Allowable as application of income. [S.2(15), 11(1)(a), 11(2), 12A, 32, 139(5)]