https://www.taxtmi.com/caselaws?id=327184 The Tribunal dismissed the appeal, ruling that the charitable institution, not engaged in business or profession, is not entitled to depreciation under Section 32 of the Income-tax Act. The Tribunal held that commercial principles cannot override statutory provisions, emphasizing that Section 32 allows depreciation only for assets used for business or profession, not charitable purposes. The appeal was rejected on 22nd April 2016 in Chennai. en-us Fri, 22 Apr 2016 00:00:00 +0530 Wed, 02 Aug 2017 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327184 The Tribunal dismissed the appeal, ruling that the charitable institution, not engaged in business or profession, is not entitled to depreciation under Section 32 of the Income-tax Act. The Tribunal held that commercial principles cannot override statutory provisions, emphasizing that Section 32 allows depreciation only for assets used for business or profession, not charitable purposes. The appeal was rejected on 22nd April 2016 in Chennai. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327184