https://www.taxtmi.com/caselaws?id=268310 The Appellate Tribunal ITAT Chennai held that a charitable institution, having availed exemption under section 11 of the Income Tax Act, cannot claim depreciation on a capital asset. The Tribunal emphasized that allowing depreciation on an asset with nil cost due to exemption would lead to double deduction, which is impermissible. Consequently, the Tribunal set aside the Commissioner of Income-tax (Appeals) order and reinstated that of the Assessing Officer, ruling in favor of the Revenue. The decision was rendered on June 26, 2015, in Chennai. en-us Fri, 26 Jun 2015 00:00:00 +0530 Mon, 23 Nov 2015 21:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268310 The Appellate Tribunal ITAT Chennai held that a charitable institution, having availed exemption under section 11 of the Income Tax Act, cannot claim depreciation on a capital asset. The Tribunal emphasized that allowing depreciation on an asset with nil cost due to exemption would lead to double deduction, which is impermissible. Consequently, the Tribunal set aside the Commissioner of Income-tax (Appeals) order and reinstated that of the Assessing Officer, ruling in favor of the Revenue. The decision was rendered on June 26, 2015, in Chennai. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268310