https://www.taxtmi.com/caselaws?id=168308 HC upheld the Tribunal's direction that the ITO must account for depreciation when computing income from depreciable assets, despite earlier full capital expenditure being allowed in the year of acquisition. Relying on the CBDT circular of 26 Nov. 1968, the court held that income of a business undertaking held under trust is to be determined as shown in the undertaking's accounts and that income from house property, interest, capital gains or other sources is to be understood commercially. A prior similar application was rejected, and the pleaded question was held misleading. en-us Thu, 09 Jul 1992 00:00:00 +0530 Tue, 28 Jul 2026 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168308 HC upheld the Tribunal's direction that the ITO must account for depreciation when computing income from depreciable assets, despite earlier full capital expenditure being allowed in the year of acquisition. Relying on the CBDT circular of 26 Nov. 1968, the court held that income of a business undertaking held under trust is to be determined as shown in the undertaking's accounts and that income from house property, interest, capital gains or other sources is to be understood commercially. A prior similar application was rejected, and the pleaded question was held misleading. Case-Laws Income Tax Thu, 09 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168308