https://www.taxtmi.com/article/detailed?id=6449 Interpretation of clause a of section eleven: income from property is to be computed under the Act's normal principles, and application of income (including purchase of a capital asset) is a use of computed income rather than a separate computation. Courts have allowed treating capital acquisition as application of income, with corresponding treatment of depreciation write backs, but Parliament has amended the law to preclude deductions or allowances for depreciation in respect of assets whose acquisition has been claimed as application of income in the same or any earlier year. en-us Fri, 18 Sep 2015 18:31:50 +0530 Thu, 24 Sep 2015 17:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6449 Interpretation of clause a of section eleven: income from property is to be computed under the Act's normal principles, and application of income (including purchase of a capital asset) is a use of computed income rather than a separate computation. Courts have allowed treating capital acquisition as application of income, with corresponding treatment of depreciation write backs, but Parliament has amended the law to preclude deductions or allowances for depreciation in respect of assets whose acquisition has been claimed as application of income in the same or any earlier year. Articles Income Tax Fri, 18 Sep 2015 18:31:50 +0530 https://www.taxtmi.com/article/detailed?id=6449