https://www.taxtmi.com/caselaws?id=180161 Depreciation remained allowable to a charitable trust on assets whose acquisition cost had already been treated as application of income under section 11 of the Income-tax Act, 1961. The appellate authority followed existing tribunal precedent and applied the rule that, where conflicting judicial views exist, the interpretation favourable to the assessee should be adopted. As the Revenue did not identify any distinguishing factual feature or contrary jurisdictional High Court decision, the depreciation claim was upheld notwithstanding the earlier treatment of the asset cost as application of income. en-us Fri, 08 Aug 2014 00:00:00 +0530 Fri, 18 Mar 2016 10:03:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180161 Depreciation remained allowable to a charitable trust on assets whose acquisition cost had already been treated as application of income under section 11 of the Income-tax Act, 1961. The appellate authority followed existing tribunal precedent and applied the rule that, where conflicting judicial views exist, the interpretation favourable to the assessee should be adopted. As the Revenue did not identify any distinguishing factual feature or contrary jurisdictional High Court decision, the depreciation claim was upheld notwithstanding the earlier treatment of the asset cost as application of income. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180161