https://www.taxtmi.com/caselaws?id=335700 The Tribunal held that depreciation under Section 32 of the Income Tax Act is only applicable to assets used for business or profession, not for charitable purposes. Even if the cost of the asset was treated as an application of income, claiming depreciation would amount to double deduction. As the assessee was not engaged in business, they were not eligible for depreciation. The appeal was dismissed, upholding the Commissioner of Income-tax (Appeals) order. en-us Wed, 30 Nov 2016 00:00:00 +0530 Wed, 07 Dec 2016 18:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335700 The Tribunal held that depreciation under Section 32 of the Income Tax Act is only applicable to assets used for business or profession, not for charitable purposes. Even if the cost of the asset was treated as an application of income, claiming depreciation would amount to double deduction. As the assessee was not engaged in business, they were not eligible for depreciation. The appeal was dismissed, upholding the Commissioner of Income-tax (Appeals) order. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335700