Depreciation on trust assets after treatment as application of income admitted as a substantial question of law

Depreciation on trust assets, where the asset cost had already been treated as application of income in earlier or current years, was identified as the substantial question of law for consideration. The HC admitted the appeal on that stated question, leaving the issue to be examined on merits in the appeal.

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Issues: Whether depreciation is allowable on trust assets where the cost of such assets has already been treated as application of income in earlier or current years, and whether the appeal raised a substantial question of law on that issue.

Outcome: The appeal was admitted on the stated substantial question of law.

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