The CIT(A) was justified in directing the AO to allow the adjustment of the excess amount of application of income of previous years in the case of assessee market committee as the application of income in the current year despite there being no provision in s 11 to 13 of the Act in this regard, as held by PHHC in CIT v Market Committee, Samlkha — In favour of: The assessee.
The ITAT was right in law in allowing the assessee the benefit of the unabsorbed depreciation and carried forward when there is no provision in the statute and the provisions of s 70 to 80 have not been specifically made applicable.
Decided on: 29 September 2011.
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