Depreciation Disallowed: ITAT Restores ₹26.84 Lakh Addition for Verification

Indian Institute of Information Technology Society Vadodara Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad restores ₹26.84 lakh depreciation disallowance for IIIT Society, directs AO to verify if asset cost was claimed as application of income. Ahmedabad: The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has remitted the case of Indian Institute of Information Technology (IIIT) Society Vadodara back to the Assessing Officer (AO) for fresh examination regarding the disallowance of depreciation amounting to ₹26,84,786/-. The Tribunal’s decision came after it found that the Commission...