https://www.taxtmi.com/caselaws?id=244394 The Tribunal allowed the appeal of the assessee, reversing the decisions of the Assessing Officer and the CIT(A) regarding the disallowance of depreciation claimed by the charitable institution. The Tribunal held that depreciation should be allowed for charitable institutions even if the cost of the asset has been treated as an application of income. The Tribunal criticized the Assessing Officer for not properly following the provisions of the Income Tax Act and emphasized the importance of adhering to binding orders of the ITAT. The appeal was allowed, and the order was pronounced on 07.02.2014. en-us Fri, 07 Feb 2014 00:00:00 +0530 Tue, 24 Mar 2015 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244394 The Tribunal allowed the appeal of the assessee, reversing the decisions of the Assessing Officer and the CIT(A) regarding the disallowance of depreciation claimed by the charitable institution. The Tribunal held that depreciation should be allowed for charitable institutions even if the cost of the asset has been treated as an application of income. The Tribunal criticized the Assessing Officer for not properly following the provisions of the Income Tax Act and emphasized the importance of adhering to binding orders of the ITAT. The appeal was allowed, and the order was pronounced on 07.02.2014. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244394