https://www.taxtmi.com/caselaws?id=325362 A charitable institution's accumulation claim under section 11(2) was not defeated by curable defects in revised Form No. 10, where the purpose of accumulation had been disclosed and the omission related only to the period and quantified amount; the claim was to be reconsidered after allowing revision. Depreciation on capital assets was allowable while computing income for application under sections 11 and 12, since income is computed on commercial principles and depreciation is not a prohibited double deduction. Payments made through the Horticulture Department pursuant to Government directions for farmer welfare and related subsidy purposes were treated as application of income for charitable purposes, subject to verification of compliance with the directions. en-us Thu, 11 Feb 2016 00:00:00 +0530 Thu, 17 Mar 2016 10:16:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325362 A charitable institution's accumulation claim under section 11(2) was not defeated by curable defects in revised Form No. 10, where the purpose of accumulation had been disclosed and the omission related only to the period and quantified amount; the claim was to be reconsidered after allowing revision. Depreciation on capital assets was allowable while computing income for application under sections 11 and 12, since income is computed on commercial principles and depreciation is not a prohibited double deduction. Payments made through the Horticulture Department pursuant to Government directions for farmer welfare and related subsidy purposes were treated as application of income for charitable purposes, subject to verification of compliance with the directions. Case-Laws Income Tax Thu, 11 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325362