Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1343 - HC - Income TaxDepreciation of assets acquired by assessee trust - Charitable activity - Held that:- As decided in RAJASTHAN AND GUJARATI CHARITABLE FOUNDATION POONA [2017 (12) TMI 1067 - SUPREME COURT] the legislature, realizing that there was no specific provision in this behalf in the Income Tax Act, has made amendment in Section 11(6) of the Act vide Finance Act No. 2/2014 which became effective from the Assessment Year 2015-2016. The Delhi High Court has taken the view and rightly so, that the said amendment is prospective in nature - once assessee is allowed depreciation, he shall be entitled to carry forward the depreciation as well. Section 11(6) of the Act has only prospective effect from the assessment year 2015-16. The subject assessment years in the present appeals being prior to the assessment year 2015-16, we have to allow the appeals answering the questions of law in favour of the assessee and against the Revenue.
|