https://www.taxtmi.com/caselaws?id=240498 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, allowing the claim for depreciation and overturning the Director's decision to disallow it. The Tribunal emphasized that the income of the trust should be computed on commercial principles, permitting the deduction of depreciation to determine the income to be applied for charitable purposes. The Tribunal distinguished the Supreme Court judgment relied upon by the Director, asserting that provisions for determining taxable income for a trust differ from those for business income. en-us Fri, 07 Sep 2012 00:00:00 +0530 Fri, 06 Dec 2013 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240498 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, allowing the claim for depreciation and overturning the Director's decision to disallow it. The Tribunal emphasized that the income of the trust should be computed on commercial principles, permitting the deduction of depreciation to determine the income to be applied for charitable purposes. The Tribunal distinguished the Supreme Court judgment relied upon by the Director, asserting that provisions for determining taxable income for a trust differ from those for business income. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240498