https://www.taxtmi.com/caselaws?id=215569 The Tribunal allowed the Trust's claim for depreciation on assets previously deducted under Section 11 of the Income-tax Act, emphasizing that depreciation is necessary for calculating income and is distinct from capital expenditure. It held that the decision in Escorts Ltd. regarding depreciation was not directly applicable to Trusts. The Tribunal highlighted that allowing depreciation does not lead to double deduction and cited High Court judgments supporting depreciation deductions for Trusts. Consequently, the Tribunal set aside the lower authorities' decisions and directed the Assessing Officer to permit the depreciation claim, ruling in favor of the assessee in all four appeals. en-us Fri, 25 Mar 2011 00:00:00 +0530 Sat, 09 Apr 2016 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215569 The Tribunal allowed the Trust's claim for depreciation on assets previously deducted under Section 11 of the Income-tax Act, emphasizing that depreciation is necessary for calculating income and is distinct from capital expenditure. It held that the decision in Escorts Ltd. regarding depreciation was not directly applicable to Trusts. The Tribunal highlighted that allowing depreciation does not lead to double deduction and cited High Court judgments supporting depreciation deductions for Trusts. Consequently, the Tribunal set aside the lower authorities' decisions and directed the Assessing Officer to permit the depreciation claim, ruling in favor of the assessee in all four appeals. Case-Laws Income Tax Fri, 25 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215569