https://www.taxtmi.com/caselaws?id=179882 The Appellate Tribunal ITAT Delhi dismissed four appeals by the revenue concerning the allowability of depreciation claimed by the assessee under section 11 of the Income Tax Act for different assessment years. The Tribunal found that the application of income by the assessee trust exceeded the required amount even after excluding depreciation, resulting in nil tax effect. It upheld the orders of the Ld. CIT(A), emphasizing the need to compute trust income in a commercial manner and allowing depreciation as a legitimate deduction. The Tribunal referred to relevant judgments and High Court decisions, ultimately dismissing all appeals of the revenue. en-us Fri, 19 Nov 2010 00:00:00 +0530 Fri, 11 Mar 2016 14:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179882 The Appellate Tribunal ITAT Delhi dismissed four appeals by the revenue concerning the allowability of depreciation claimed by the assessee under section 11 of the Income Tax Act for different assessment years. The Tribunal found that the application of income by the assessee trust exceeded the required amount even after excluding depreciation, resulting in nil tax effect. It upheld the orders of the Ld. CIT(A), emphasizing the need to compute trust income in a commercial manner and allowing depreciation as a legitimate deduction. The Tribunal referred to relevant judgments and High Court decisions, ultimately dismissing all appeals of the revenue. Case-Laws Income Tax Fri, 19 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179882