DCIT vs Maharani Lakshmi Ammani College Trust

Authority: ITAT Tribunal/Court: Bangalore Date: 2017-03-31 AY: 2009-10, 2010-11, 2011-12, 2012-13 Section: 11(1)(a), 11, 13, 28, 32, 10(2)(vi), 10(2)(xiv), 32(1)(ii), 35(2)(iv), 11(6) Acts: Income Tax Act 1961 Result: Assessee Citation: 417Taxpundit62 Justices: VIJAY PAL RAO, JM & S. JAYARAMAN, AM Appeal No: I.T. A. No.391 & 392/Bang/2016
Whether excess application of income under Section 11(1)(a) can be carried forward to future years for set-off against surplus income --- Held Yes. Whether depreciation is allowable to a charitable trust on assets whose cost was fully allowed as application of income in past years --- Held Yes.

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