https://www.taxtmi.com/caselaws?id=182976 The Tribunal upheld the CIT(A)'s decision to allow depreciation claimed by a charitable trust for AY 2007-08 and 2008-09, dismissing the Revenue's appeals. The main issue was whether a charitable trust could claim depreciation under the Income Tax Act, even if its income was not assessable as "profit and Gains from business and profession." The Tribunal, citing relevant case law, found in favor of the assessee in both years, consistent with its decision in the AY 2007-08 appeal. en-us Thu, 28 Feb 2013 00:00:00 +0530 Wed, 25 May 2016 14:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182976 The Tribunal upheld the CIT(A)'s decision to allow depreciation claimed by a charitable trust for AY 2007-08 and 2008-09, dismissing the Revenue's appeals. The main issue was whether a charitable trust could claim depreciation under the Income Tax Act, even if its income was not assessable as "profit and Gains from business and profession." The Tribunal, citing relevant case law, found in favor of the assessee in both years, consistent with its decision in the AY 2007-08 appeal. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182976