https://www.taxtmi.com/caselaws?id=189445 The ITAT upheld the CIT(A)'s decision to allow depreciation based on the High Court's ruling, rejecting the Revenue's challenge citing Supreme Court judgments. The Trust was deemed entitled to depreciation under section 32 of the Income Tax Act, supported by the ITAT's decision aligning with the High Court's stance. The treatment of asset value for depreciation purposes and deficit carry forward as income application for charitable purposes were resolved in favor of the Trust, with the ITAT affirming the CIT(A)'s directives based on legal precedents and consistency with prior decisions. en-us Thu, 12 Mar 2015 00:00:00 +0530 Tue, 10 Jan 2017 12:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189445 The ITAT upheld the CIT(A)'s decision to allow depreciation based on the High Court's ruling, rejecting the Revenue's challenge citing Supreme Court judgments. The Trust was deemed entitled to depreciation under section 32 of the Income Tax Act, supported by the ITAT's decision aligning with the High Court's stance. The treatment of asset value for depreciation purposes and deficit carry forward as income application for charitable purposes were resolved in favor of the Trust, with the ITAT affirming the CIT(A)'s directives based on legal precedents and consistency with prior decisions. Case-Laws Income Tax Thu, 12 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189445