2003 (7) TMI 52 - BOMBAY HIGH COURT

Whether Tribunal was right in law in directing the Assessing Officer to allow depreciation on the assets the cost of which has been fully allowed as application of income under section 11 in the past years? – Whether Tribunal was justified in law in directing the Assessing Officer to allow depreciation of ₹ 49,453 on assets received on transfer, when the assessee had not incurred the cost of acquiring the assets? - Whether excess of expenditure in the earlier years can be adjusted against the income of the subsequent year and whether such adjustment should be treated as application of income in the subsequent year for charitable purposes?