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Purchase of Capital Assets allowed as Application of Income u/s 11(1) as well as Depreciation allowed u/s 32

Income Tax - Direct Tax Code - DTC - By: - CA Surender Gupta - Dated:- 18-9-2015 Last Replied Date:- 21-8-2016 - Interpretation of Section 11(1) clause a of the Income Tax Act, 1961 - whether depreciation allowed on capital assets cannot be treated a .....

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E Court] has stated that the assessee would be entitled to write back depreciation and if done, the Assessing Officer would modify the assessment determining the higher income and allow recomputation of depreciation written back for the purpose of ap .....

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income would be required. This may be impractical and would disturb the working of many a charitable institutions. The legal interpretation which has continued since 1984, if disturbed and implemented, would not appropriately resolved. Consistency a .....

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ly plausible and consistent interpretation of clause (a) of Section 11(1) of the Act is that income derived from property must be calculated as per the principles of the Act. The said clause is not a computation provision and does not disturb the inc .....

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into consideration for the purpose of ensuring compliance, i.e., application of money or funds and is not a factor which determines and decides the quantum of income derived from property held under trust. Computation of income is separate and distin .....

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amended vide Finance Act (No 2), 2014 which is read as under: (6) In this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes the income shall be determined without any deduction or .....

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