https://www.taxtmi.com/caselaws?id=263609 The Tribunal dismissed the appeal, affirming that a charitable institution registered under Section 12AA of the Income-tax Act, 1961, could not claim depreciation on capital assets when its income was exempt under Section 11. It was held that depreciation under Section 32 was inapplicable as the institution was not engaged in business activities. Additionally, excess expenditure from previous years could not be adjusted as income in the current year unless generated in the course of charitable activity. The decision aligned with previous rulings and upheld the legal framework governing charitable institutions under the Income-tax Act, 1961. en-us Fri, 21 Aug 2015 00:00:00 +0530 Mon, 09 Nov 2015 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263609 The Tribunal dismissed the appeal, affirming that a charitable institution registered under Section 12AA of the Income-tax Act, 1961, could not claim depreciation on capital assets when its income was exempt under Section 11. It was held that depreciation under Section 32 was inapplicable as the institution was not engaged in business activities. Additionally, excess expenditure from previous years could not be adjusted as income in the current year unless generated in the course of charitable activity. The decision aligned with previous rulings and upheld the legal framework governing charitable institutions under the Income-tax Act, 1961. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263609