Revision u/s. 263 quashed as AO duly assessed NIL income due to proper application of funds

ACIT Vs Mother Theressa Educational Society (ITAT Visakhapatnam) ITAT Visakhapatnam held that revision u/s. 263 quashed as AO already disallowed the claim of depreciation while framing assessment and assessed income at NIL due to proper application of funds. Facts- The assessee being the society is registered u/s. 12A r.w.s. 12AA(1)(b) of the Act and also registered u/s. 80G of the Act. The assessee filed its return of income declaring NIL income after claiming of application of income u/s. 11 of the Act. The case was selected for complete scrutiny and accordingly the assessment was completed ...