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2012 (8) TMI 254 - ITAT CHENNAITrust - Disallowance of depreciation for a reason that cost of acquisition of the capital asset on which the claim of depreciation was made, was earlier allowed to the assessee as a deduction, while computing its income under Section 11 of the Income-tax Act – Held that:- Depreciation on assets of a Trust is to be deducted for the purpose of calculating income of a Trust - depreciation should be allowed even on assets, the cost of which had been allowed as exempt under Section 11 in the preceding years - appeals filed by the assessee stand allowed. Decision of Supreme Court in the case of Escorts Ltd. (1992 (10) TMI 1 - SUPREME COURT) distinguished.
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