https://www.taxtmi.com/caselaws?id=217874 The ITAT upheld the assessee's claim for depreciation, ruling it was not a double deduction but a reduction of income for trust purposes. The ITAT remitted the issue of diminution in investment value back to the Assessing Officer for proper examination, emphasizing justice. The ITAT dismissed the inclusion of exempt income in assessed income due to lack of original claim. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's cross objection was dismissed. The judgment provided detailed legal reasoning for each issue, ensuring a comprehensive review of the case. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 23 Oct 2012 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217874 The ITAT upheld the assessee's claim for depreciation, ruling it was not a double deduction but a reduction of income for trust purposes. The ITAT remitted the issue of diminution in investment value back to the Assessing Officer for proper examination, emphasizing justice. The ITAT dismissed the inclusion of exempt income in assessed income due to lack of original claim. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's cross objection was dismissed. The judgment provided detailed legal reasoning for each issue, ensuring a comprehensive review of the case. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217874