ACIT vs India Trade Promotion

Authority: ITAT Tribunal/Court: Delhi Date: 2021-01-22 AY: 2012-13 Section: 11(1)(a), 32(1), 25, 12A, 10(23)(iv) Acts: Income Tax Act 1961, Companies Act 1956 Result: Assessee Citation: 221Taxpundit146 Justices: AMIT SHUKLA JM & B.R.R. KUMAR AM Appeal No: I.T.A. No. 2110/DEL/2017
Whether a charitable institution registered u/s 12A is entitled to claim depreciation on capital assets when the capital expenditure is already treated as application of income u/s 11(1) --- Held Yes. Whether rental income from government departments, disputed and not received, can be taxed on accrual basis when the assessee follows mercantile accounting --- Held No.

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