https://www.taxtmi.com/caselaws?id=243054 The ITAT upheld the CIT(A)'s decision to allow depreciation for a charitable trust, dismissing the Revenue's appeals. The ITAT found that the CIT(A) correctly applied judicial precedents, including judgments from higher courts, supporting the allowance of depreciation even if assets' cost was treated as an application of income. The ITAT concluded that the CIT(A) did not err in allowing depreciation and rejected the Revenue's plea to set aside the CIT(A)'s order, emphasizing no double deduction or revenue leakage occurred. en-us Fri, 19 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243054 The ITAT upheld the CIT(A)'s decision to allow depreciation for a charitable trust, dismissing the Revenue's appeals. The ITAT found that the CIT(A) correctly applied judicial precedents, including judgments from higher courts, supporting the allowance of depreciation even if assets' cost was treated as an application of income. The ITAT concluded that the CIT(A) did not err in allowing depreciation and rejected the Revenue's plea to set aside the CIT(A)'s order, emphasizing no double deduction or revenue leakage occurred. Case-Laws Income Tax Fri, 19 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243054