Annual development fees collected by assessee-society from students for development of school building and purchase of capital assets and kept in separate account solely for said purpose, could not be treated as income or revenue receipt for purpose of section 11
INCOME TAX : Prior to 1-4-2015 depreciation would be allowed on assets purchased, even if expenditure incurred by assessee-society for acquisition of such assets was treated as application of income for charitable purposes
Refer:[2020] 115 taxmann.com 152 (Kolkata - Trib.)
INCOME TAX : Prior to 1-4-2015 depreciation would be allowed on assets purchased, even if expenditure incurred by assessee-society for acquisition of such assets was treated as application of income for charitable purposes
Refer:[2020] 115 taxmann.com 152 (Kolkata - Trib.)
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