2012 (4) TMI 289 - DELHI HIGH COURT

Allowability of Depreciation on fixed assets utilized for the charitable purpose – Society registered u/s 12A – Held that:- Having regard to the consensus of judicial opinion on the precise question it is held that claim of depreciation on fixed assets utilized for the charitable purposes has to be allowed while arriving at the income available for application to charitable and religious purposes, since the income of the society should be computed on the basis of commercial principles. Order of tribunal upheld – Appeal of Revenue dismissed.