https://www.taxtmi.com/caselaws?id=260829 The Tribunal ruled in favor of the assessee, holding that claiming depreciation on assets previously treated as application of income does not amount to double deduction. The Tribunal emphasized the necessity of depreciation for computing income of charitable institutions and cited legal amendments clarifying the treatment of such assets. The Tribunal overturned the DIT(E)'s order under section 263, allowing the appeal and quashing the disallowance of depreciation. en-us Fri, 20 Feb 2015 00:00:00 +0530 Wed, 11 Mar 2015 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260829 The Tribunal ruled in favor of the assessee, holding that claiming depreciation on assets previously treated as application of income does not amount to double deduction. The Tribunal emphasized the necessity of depreciation for computing income of charitable institutions and cited legal amendments clarifying the treatment of such assets. The Tribunal overturned the DIT(E)'s order under section 263, allowing the appeal and quashing the disallowance of depreciation. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260829