https://www.taxtmi.com/caselaws?id=250736 The High Court affirmed the Tribunal's decision to allow depreciation under section 32 of the Income-tax Act to a charitable organization without income from business and profession. It rejected the Revenue's argument against allowing depreciation for charitable organizations and held that depreciation should be considered a legitimate deduction to compute the real income of the trust. The Court emphasized that allowing depreciation helps maintain the trust's corpus over time and aligns with the commercial approach to calculating income for charitable purposes. The appeal was decided in favor of the assessee, with no need for further referral, highlighting the importance of allowing depreciation for charitable trusts. en-us Thu, 13 Feb 2014 00:00:00 +0530 Thu, 09 Jun 2016 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250736 The High Court affirmed the Tribunal's decision to allow depreciation under section 32 of the Income-tax Act to a charitable organization without income from business and profession. It rejected the Revenue's argument against allowing depreciation for charitable organizations and held that depreciation should be considered a legitimate deduction to compute the real income of the trust. The Court emphasized that allowing depreciation helps maintain the trust's corpus over time and aligns with the commercial approach to calculating income for charitable purposes. The appeal was decided in favor of the assessee, with no need for further referral, highlighting the importance of allowing depreciation for charitable trusts. Case-Laws Income Tax Thu, 13 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250736