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of <h1>Charitable Trusts: Depreciation Allowed for Income Calculation</h1> <h3>Principal Commissioner of Income Tax (Exemption), Jaipur Versus M/s. Shri Ram Niwas Dham Trust, Bhilwara</h3> The Rajasthan HC held that depreciation of assets owned by a charitable institution/trust is a necessary deduction in computing income, citing a Division ... Disallowance of Depreciation - appellant is a charitable institution u/s 12A - Held that:- It is well settled that in computing income of a charitable institution/trust depreciation of assets owned by such an institution is a necessary deduction on commercial principles, hence, the amount of depreciation has to be deducted to arrive at the income available. This view is substantiated by a Division Bench judgment of this Court in Commissioner of Income Tax-II, Jodhpur Vs. Krishi Upaj Mandi Samiti, Jaisalmer (2015 (3) TMI 11 - RAJASTHAN HIGH COURT). In view of it, we are of the considered opinion that this appeal does not involve any substantial question of law The Rajasthan High Court held that depreciation of assets owned by a charitable institution/trust is a necessary deduction in computing income. The court cited a Division Bench judgment to support this view. The appeal was dismissed as it did not involve any substantial question of law.
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