Amritanandamayi Math among 240 irregular tax exemption cases

According to CAG reports,I-T allowed irregular depreciation involving tax effect of Rs 248 cr.

Written by PTI | New Delhi | Published: December 14, 2013 11:02 am

Mata Amritanandamayi 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 Mata Amritanandamayi 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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  1. U
    Jul 11, 2014 at 6:01 pm
    not clear the objection. You would prefer tax money going to government instead of that money goes directly to people in need? The humanitarian work of M.A. Math speaks for itself. Anyone can go and see. It is openly there: food for hungry,free houses, medical,vocational training, education on all levels, and on and on. Those doing the work mainly volunteers with no pay. So funds ARE going to the common peoples. In some cases, they have done more for Indian people than government. There may be some organizations who do not do this appropriately---same for governments...there is corruption in all places...people are human. But why not at least support those who finally doing some good?