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2012 (10) TMI 752 - ITAT CHENNAIDisallowance of depreciation in case of Trust – Whether depreciation can be claimed on asset whose full cost of addition has claimed as application of income u/s 11 – AO argued that depreciation on the same assets amounts to double deduction – Held that:- Following the decision of the Tribunal in the assessee’s own case that full expenditure had been allowed in the year of acquisition of the assets, what he really meant was that the amount spent on acquiring those assets had been treated as “application of income” of the trust in the year in which the income was spent in acquiring those assets. This did not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. Appeal decides in favour of assessee
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