https://www.taxtmi.com/caselaws?id=257075 The High Court upheld the Income Tax Appellate Tribunal's decision to allow a charitable institution to claim depreciation on capital assets, even if the capital expenditure had been permitted in the year of acquisition. The Court emphasized that depreciation is a necessary deduction for determining taxable income and aligned with previous decisions supporting depreciation deductions for charitable institutions. Consequently, the Court dismissed the appeal, affirming the Tribunal's ruling in favor of permitting the depreciation claimed by the assessee on capital assets for the assessment year 2004-05. en-us Fri, 16 Jan 2015 00:00:00 +0530 Tue, 28 Jul 2026 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257075 The High Court upheld the Income Tax Appellate Tribunal's decision to allow a charitable institution to claim depreciation on capital assets, even if the capital expenditure had been permitted in the year of acquisition. The Court emphasized that depreciation is a necessary deduction for determining taxable income and aligned with previous decisions supporting depreciation deductions for charitable institutions. Consequently, the Court dismissed the appeal, affirming the Tribunal's ruling in favor of permitting the depreciation claimed by the assessee on capital assets for the assessment year 2004-05. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257075