TMI Blog1992 (7) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... MRS.Sujata Manohar,J.- 1. This is an application under s. 256(2) of the IT Act. The Department requires the following question to be raised by the Tribunal and referred to us for determination : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing the ITO to take depreciation into account in computing the income from depreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treated as application of income of the trust in the year in which the income was spent in acquiring these assets. This does not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. 3. The respondents have drawn our attention to a Circular dt. 26th Nov., 1968 issued by the CBDT under which it has clarified tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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