https://www.taxtmi.com/caselaws?id=242262 The Tribunal allowed the appeals by the Revenue for statistical purposes, directing the Assessing Officer to reexamine the allowability of depreciation on assets claimed by the assessee. It was clarified that depreciation on fixed assets is a legitimate deduction to determine income available for charitable purposes, provided the value of each asset has not been previously allowed as expenditure. The matter was remanded to the Assessing Officer for a fresh assessment in accordance with legal provisions, with the assessee given the opportunity to present their case. en-us Fri, 08 Feb 2013 00:00:00 +0530 Sat, 11 Jan 2014 05:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242262 The Tribunal allowed the appeals by the Revenue for statistical purposes, directing the Assessing Officer to reexamine the allowability of depreciation on assets claimed by the assessee. It was clarified that depreciation on fixed assets is a legitimate deduction to determine income available for charitable purposes, provided the value of each asset has not been previously allowed as expenditure. The matter was remanded to the Assessing Officer for a fresh assessment in accordance with legal provisions, with the assessee given the opportunity to present their case. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242262