https://www.taxtmi.com/caselaws?id=216371 The ITAT Chennai dismissed the Revenue's appeals and upheld the CIT(A)'s orders, allowing the assessee's claim of depreciation for both assessment years. The ITAT held that the depreciation should be deducted from income to determine the funds to be applied for trust purposes, emphasizing that it did not amount to double deduction. The decision was based on established legal principles and precedents cited, directing the Assessing Officer to allow the depreciation claim for the assessee. en-us Fri, 22 Jun 2012 00:00:00 +0530 Sat, 08 Sep 2012 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216371 The ITAT Chennai dismissed the Revenue's appeals and upheld the CIT(A)'s orders, allowing the assessee's claim of depreciation for both assessment years. The ITAT held that the depreciation should be deducted from income to determine the funds to be applied for trust purposes, emphasizing that it did not amount to double deduction. The decision was based on established legal principles and precedents cited, directing the Assessing Officer to allow the depreciation claim for the assessee. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216371