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2016 (7) TMI 1693 - AT - Income TaxAllowability of claim of depreciation on fixed assets acquired for the objects of the Trust - Assessment of trust - HELD THAT:- As perused the orders of the Revenue Authorities as well as the cited judgments of Hon’ble High Court of Bombay in the case of CIT vs. Institute of Banking [2003 (7) TMI 52 - BOMBAY HIGH COURT] wherein it was held “that the Tribunal was right in law in direct the Assessing Officer to allow depreciation on the assets, the cost of which had been fully allowed as application of income under section 11 in the past years. Thus we are of the opinion that the issue of allowability of depreciation on depreciable assets should be decided in favour of the assessee.
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