https://www.taxtmi.com/caselaws?id=236972 The Tribunal partly allowed the revenue's appeal in a case involving a charitable trust. It disallowed the deduction under Section 24(a) of the Income Tax Act for the trust while computing income from house property. However, the Tribunal upheld the allowance of depreciation on assets for the trust, rejecting the revenue's argument of double deduction. The decision emphasized that income for charitable trusts should be computed in a commercial sense, allowing for depreciation to preserve the trust's corpus. en-us Wed, 14 Aug 2013 00:00:00 +0530 Tue, 29 Mar 2016 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236972 The Tribunal partly allowed the revenue's appeal in a case involving a charitable trust. It disallowed the deduction under Section 24(a) of the Income Tax Act for the trust while computing income from house property. However, the Tribunal upheld the allowance of depreciation on assets for the trust, rejecting the revenue's argument of double deduction. The decision emphasized that income for charitable trusts should be computed in a commercial sense, allowing for depreciation to preserve the trust's corpus. Case-Laws Income Tax Wed, 14 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236972