Amrithanandamayi Math Among 240 Irregular Tax Exemption Cases - The New Indian Express

Amrithanandamayi Math Among 240 Irregular Tax Exemption Cases

Published: 13th December 2013 06:48 PM

Last Updated: 13th December 2013 06:48 PM

Mata Amrithanandamayi Math and the Institute of Chartered Accountants of India figure in the list of 240 cases in which irregular tax exemptions to the tune of Rs 248.39 crore were given.

"ITD (Income Tax Department) has not taken uniform stand in allowance\disallowance of the depreciation to Trusts and allowed irregular depreciation in 240 cases involving tax effect of Rs 248.39 crore," said a Comptroller and Auditor General (CAG) report tabled in Parliament today.

Referring to the Matha Amrithanandamayi Math case, the CAG said the claim of depreciation of Rs 138.46 crore during assessment years (AYs) 2007 to 2009 as application against income from property held under Trust was "not in order".

The auditor further said the Math "has not added back the depreciation for any of the AYs for which it already claimed deduction for acquisition of capital asset as application money involving potential revenue impact of Rs 46.77 crore".

The report said that while the assessing officer did not allow depreciation in case of Vivekanand Shiksha Samiti for the AY 2010, it allowed tax exemption to the Institute of Chartered Accountants of India.

The report said the CAG is of the view that the Finance Ministry "may take a decision, in principle, whether depreciation to Trusts is to be allowed or not to remove inconsistencies in allowance of depreciation due to divergent views expressed by different courts".

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