https://www.taxtmi.com/caselaws?id=264901 The Tribunal dismissed the Revenue's appeal against the Commissioner of Income-tax (Appeals) order for the Assessment Year 2009-10, regarding the allowance of depreciation on assets considered as an application of income under section 11 of the Income Tax Act. The Tribunal emphasized that depreciation on trust assets is a necessary deduction for calculating the income of a trust, even if the cost had been exempted under section 11 in preceding years. By following the principle of favoring the assessee in cases of conflicting High Court decisions, the Tribunal upheld the allowance of depreciation and rejected the Revenue's claim of double deduction. en-us Fri, 31 Oct 2014 00:00:00 +0530 Mon, 16 Feb 2015 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264901 The Tribunal dismissed the Revenue's appeal against the Commissioner of Income-tax (Appeals) order for the Assessment Year 2009-10, regarding the allowance of depreciation on assets considered as an application of income under section 11 of the Income Tax Act. The Tribunal emphasized that depreciation on trust assets is a necessary deduction for calculating the income of a trust, even if the cost had been exempted under section 11 in preceding years. By following the principle of favoring the assessee in cases of conflicting High Court decisions, the Tribunal upheld the allowance of depreciation and rejected the Revenue's claim of double deduction. Case-Laws Income Tax Fri, 31 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264901