https://www.taxtmi.com/caselaws?id=169136 The Tribunal ruled in favor of the assessee, upholding the allowance of depreciation claimed on fixed assets for the assessment year 2008-09. The Commissioner of Income-tax (Appeals) allowed the appeal, citing precedents that claiming depreciation does not result in double deduction but is necessary for determining the trust's applicable funds percentage. The Tribunal referred to relevant decisions, including ITO (Exemption) v. J. D. Tytler School Society, supporting the assessee's position. The Department's appeal was dismissed, confirming the depreciation claim, with the judgment delivered on July 11, 2014. en-us Fri, 11 Jul 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:55:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169136 The Tribunal ruled in favor of the assessee, upholding the allowance of depreciation claimed on fixed assets for the assessment year 2008-09. The Commissioner of Income-tax (Appeals) allowed the appeal, citing precedents that claiming depreciation does not result in double deduction but is necessary for determining the trust's applicable funds percentage. The Tribunal referred to relevant decisions, including ITO (Exemption) v. J. D. Tytler School Society, supporting the assessee's position. The Department's appeal was dismissed, confirming the depreciation claim, with the judgment delivered on July 11, 2014. Case-Laws Income Tax Fri, 11 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169136