https://www.taxtmi.com/caselaws?id=249590 The Tribunal upheld the order of the CIT(A) allowing depreciation on assets despite exemption under section 11 of the Income Tax Act. It determined that the exemption did not result in a reduction of income, distinguishing it from a deduction, and therefore did not lead to double deduction. The Tribunal relied on judicial precedents and commercial principles to support its decision, ultimately dismissing the Revenue's appeal and maintaining the allowance of depreciation on the assets. en-us Tue, 13 May 2014 00:00:00 +0530 Tue, 28 Jul 2026 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249590 The Tribunal upheld the order of the CIT(A) allowing depreciation on assets despite exemption under section 11 of the Income Tax Act. It determined that the exemption did not result in a reduction of income, distinguishing it from a deduction, and therefore did not lead to double deduction. The Tribunal relied on judicial precedents and commercial principles to support its decision, ultimately dismissing the Revenue's appeal and maintaining the allowance of depreciation on the assets. Case-Laws Income Tax Tue, 13 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249590