ITAT quashes CIT(E) Order, upholds Nil Income for Mother Theresa Educational Society due to Proper Fund Application and Disallowed Depreciation [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the Commissioner of Income Tax (Exemption)[CIT(E)]’s order, upholding the nil income assessment for Mother Theresa Educational Society, on grounds that the assessee had properly applied its funds in compliance with the Income Tax Act,1961. Mother Theressa Educational Society, the appellant-assessee, filed an appeal…