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2016 (10) TMI 1287 - AT - Income TaxDepreciation to assessee trust - assessee is not engaged in any business - HELD THAT:- Depreciation on the asset in which the cost was already allowed as application of income under Section 11 of the Income Tax Act was considered by this Tribunal elaborately in the case of The Music Academy Madras [2016 (5) TMI 165 - ITAT CHENNAI] . This Tribunal found that Section 32 of the Income Tax Act is applicable only in respect of business of the assessee. Since admittedly the assessee is not engaged in any business and claiming itself carrying on the charitable activity, this Tribunal found that the assessee is not entitled for depreciation. Conflict between the commercial principle or customary practice in computing income and the provisions of Section 32 were not brought to the notice of the Courts / Tribunal. Appeals of the assessee stand dismissed.
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