https://www.taxtmi.com/caselaws?id=191171 The High Court upheld the Tribunal's decision allowing depreciation for charitable institutions under Section 11 of the Income Tax Act, dismissing the Revenue's appeal based on settled legal principles and previous judgments. The Court emphasized that depreciation is a necessary deduction for charitable institutions to compute real income and rejected the argument of double deduction. The Court also clarified that the amendment disallowing depreciation for assets where cost was previously claimed as an application of income is not applicable to the assessment years in question. en-us Thu, 16 Jun 2016 00:00:00 +0530 Wed, 22 Mar 2017 23:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191171 The High Court upheld the Tribunal's decision allowing depreciation for charitable institutions under Section 11 of the Income Tax Act, dismissing the Revenue's appeal based on settled legal principles and previous judgments. The Court emphasized that depreciation is a necessary deduction for charitable institutions to compute real income and rejected the argument of double deduction. The Court also clarified that the amendment disallowing depreciation for assets where cost was previously claimed as an application of income is not applicable to the assessment years in question. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191171