https://www.taxtmi.com/caselaws?id=261654 The Tribunal upheld the disallowance of depreciation claimed by the trust, citing that claiming depreciation on assets already treated as an application of income would result in a double deduction. Additionally, the Tribunal affirmed the denial of carrying forward excess expenditure from the previous year, stating that it does not align with the provisions of Section 11 of the Income Tax Act. The appeal was dismissed, emphasizing that income for trusts should be real and not manipulated for assessment purposes, in accordance with relevant legal precedents and statutory provisions. en-us Fri, 12 Jun 2015 00:00:00 +0530 Mon, 09 Nov 2015 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261654 The Tribunal upheld the disallowance of depreciation claimed by the trust, citing that claiming depreciation on assets already treated as an application of income would result in a double deduction. Additionally, the Tribunal affirmed the denial of carrying forward excess expenditure from the previous year, stating that it does not align with the provisions of Section 11 of the Income Tax Act. The appeal was dismissed, emphasizing that income for trusts should be real and not manipulated for assessment purposes, in accordance with relevant legal precedents and statutory provisions. Case-Laws Income Tax Fri, 12 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261654