No Depreciation on Assets Already Treated as Applied Income: ITAT Directs Fresh Verification

MITHRA Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has delivered an order in the case of MITHRA Vs. ITO (ITAT Chennai) for the Assessment Year (AY) 2016-17. The appeal, filed by the assessee trust, challenged the confirmation by the First Appellate Authority (FAA) of the Assessing Officer’s (AO) action to disallow a deduction for depreciation amounting to Rs. 20,94,730/-, which resulted in a tax demand of Rs. 81,797/-. The Tribunal’s final decision did not conclude the matter but instead restored the central issue to the files of the AO for verif...