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2012 (5) TMI 79 - AT - Income TaxDisallowance of depreciation while computing the income of the assessee-trust – assessee filed return admitting NIL income after claiming deduction u/s 11- Held that:- Income for the purpose of Section 11 of the Act is the income as per the accounts of the Trust - income in the commercial sense without reference to the heads of income specified in Section 14 - concept of commercial income necessarily envisages deduction of depreciation on assets of the Trust – Decided in CIT v. Rao Bahadur Calawala Cunnan Chetty Charities (1979 -TMI - 35614 - MADRAS High Court) – in favour of assessee.
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