https://www.taxtmi.com/caselaws?id=252406 The Court dismissed the Revenue's appeal against the Tribunal's order on the depreciation claim for immovable property in an Income Tax Appeal for Assessment Year 2005-2006. The Court upheld the Tribunal's decision that allowing depreciation would result in double deduction since the capital expenditure had already been claimed in previous years. Citing relevant case law, the Court concluded that depreciation can be a legitimate deduction in computing the real income of a Trust, even if Section 32 of the Income Tax Act is not applicable. The Appeal was dismissed, and no costs were awarded. en-us Fri, 26 Sep 2014 00:00:00 +0530 Tue, 21 Oct 2014 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252406 The Court dismissed the Revenue's appeal against the Tribunal's order on the depreciation claim for immovable property in an Income Tax Appeal for Assessment Year 2005-2006. The Court upheld the Tribunal's decision that allowing depreciation would result in double deduction since the capital expenditure had already been claimed in previous years. Citing relevant case law, the Court concluded that depreciation can be a legitimate deduction in computing the real income of a Trust, even if Section 32 of the Income Tax Act is not applicable. The Appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252406