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2016 (12) TMI 345 - AT - Income TaxDepreciation on assets of assessee trust - Held that:- In this case, as no business undertaking was held under trust as provided under Section 11(4) & (4A) of the Act. The assessee is claiming depreciation in respect of asset which was used as tool for carrying out charitable object of the institution. When the asset was used as tool for carrying out the object of the charitable institution, such activity cannot be construed as a business or profession of the assessee. Therefore, Section 32 of the Act is not applicable in this case. See case of The Music Academy Madras, Chennai [2016 (5) TMI 165 - ITAT CHENNAI ] - Decided against assessee.
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