https://www.taxtmi.com/caselaws?id=272331 The Tribunal upheld the order of the ld. CIT(A) regarding the disallowance of depreciation for the assessment year 2007-08. It held that income from property held under trust should be computed based on commercial principles, allowing for depreciation. The Tribunal clarified that granting exemption under section 11 and depreciation under section 32 does not result in double deduction. The decision was based on previous judgments and the independent applicability of the relevant sections of the Income Tax Act, 1961. en-us Mon, 15 Feb 2016 00:00:00 +0530 Sat, 05 Mar 2016 10:45:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272331 The Tribunal upheld the order of the ld. CIT(A) regarding the disallowance of depreciation for the assessment year 2007-08. It held that income from property held under trust should be computed based on commercial principles, allowing for depreciation. The Tribunal clarified that granting exemption under section 11 and depreciation under section 32 does not result in double deduction. The decision was based on previous judgments and the independent applicability of the relevant sections of the Income Tax Act, 1961. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272331