Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (8) TMI 703 - AT - Income TaxCharitable societies/Institutions/Trusts registered u/s 12A of the Act- Dis-allowance of depreciation- Double deduction by way of claiming depreciation on the fixed assets as well as claiming cost of assets as an application of income u/s 11 of the Act - Held that:- In the present appeals, the claim of depreciation is after application of more than 85% of the income, therefore, the claim of depreciation has remained for academic interest only. It is not the case that depreciation has been claimed by the assessee to cover up the application of income as specified under the Act. If that would have been case then the contention raised by the Revenue would have some force. Depreciation is a statutory allowance not confined expressly to diminution in value of the asset by the reason of wear & tear only. A charitable trust is entitled to depreciation in respect of asset held by it. - Decided in favor of the assessee.
|