No Exemption Claimed in the Preceding Year on the Purchase of Fixed Assets: ITAT deletes addition made u/s 143(1) [Read Order]

Exemption - No Exemption - Preceding Year - Purchase of Fixed Assets - Fixed Assets - ITAT - addition - Income Tax - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition made under section 143(1) of the Income Tax Act 1961 as no exemption was claimed in the preceding year on the purchase of fixed assets.  The assessee Varthur Foundation Trust filed return of income on declaring excess expenditure over income. The case…

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