B G Education Trust v. The ACIT.- CENT.Circle-2
[Citation -2008-LL-0610-5]
Citation | 2008-LL-0610-5 |
---|---|
Appellant Name | B G Education Trust |
Respondent Name | The ACIT.- CENT.Circle-2 |
Court | ITAT-Ahmedabad |
Relevant Act | Income-tax |
Date of Order | 10/06/2008 |
Judgment | View Judgment |
Keyword Tags | additional ground • void ab initio • block period |
Bot Summary: | CIT(A) erred in fact and in law in rejecting the contention of the appellant that the AO has erred in fact and in law in invoking the provisions of Chapter XIVB of the Income- tax Act, 1961 by virtue of a notice u/s 158BC which is defective in its form and contents. CIT(A) erred in fact and in law in not appreciating the fact that the AO had made the additions to the undisclosed income of the appellant without verifying whether the income sought to be added is included and is part of the books of accounts maintained in normal course of business and no IT(SS)A No.213/Ahd/2007 Block Period ending on 20.09.2001 evidence was detected during the course of search to point out any discrepancy in the same. CIT(A) erred in fact and in law in confirming the addition of Rs.7,79,752/- made by the AO by denying exemption u/s 10(23C) of the Income-tax Act, 1961 for Asst. CIT(A) erred in fact and in law in confirming the action of the AO in charging interest u/s 158BFA(1) of the I.T. Act, 1961. AO erred in fact and in law in not allowing depreciation to the appellant on the income assessed after disallowing exemption u/s 10(23C) of the IT Act, 1961 despite the fact that it is legally allowable under the Act. After considering the rival submissions we restore the matter to the file of AO to consider to allow depreciation as per rules because once income is computed under the head business as per provisions of section 28 to 43D the depreciation admissible as per section 32 and relevant rules 2 IT(SS)A No.213/Ahd/2007 Block Period ending on 20.09.2001 should be allowed. As a result appeal filed by the assessee is partly allowed but for statistical purposes. |