Addition unsustainable as exemption not claimed in preceding year as application of income on purchase of assets

Varthur Foundation Trust Vs ITO (ITAT Bangalore) Addition unsustainable as exemption not claimed in preceding year as application of income on purchase of assets ITAT Bangalore held that no exemption has been claimed by the assessee in the preceding year as application of income on the purchase of fixed assets. Accordingly, addition doesn’t survive. Facts- The assessee filed return of income declaring excess expenditure over income. The case was processed u/s. 143(1) of the Income Tax Act, 1961 and income was determined by observing that depreciation was not allowed. The assessee filed a rec...