Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1461 - AT - Income TaxDepreciation of assets acquired by assessee trust - the capital expenditure is treated as application of income for charitable purposes - Held that:- The income of the Trust is required to be computed under section 11on commercial principles after providing for allowance for normal depreciation and deduction thereof from gross income of the Trust. Also it also follows that once assessee is allowed depreciation, he shall be entitled to carry forward the depreciation as well. See CIT III, Pune Versus Rajasthan And Gujarati Charitable Foundation Poona [2017 (12) TMI 1067 - SUPREME COURT] - Decided in favour of assessee
|