https://www.taxtmi.com/caselaws?id=343677 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the disallowance of depreciation, confirming that depreciation could be claimed by a charitable trust even if the cost of the asset was previously allowed as a deduction. The appeal by the Assessing Officer was dismissed, maintaining the established legal position that depreciation is necessary to account for the wear and tear of capital assets and preserve the trust's corpus for generating income. en-us Wed, 24 May 2017 00:00:00 +0530 Wed, 31 May 2017 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343677 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the disallowance of depreciation, confirming that depreciation could be claimed by a charitable trust even if the cost of the asset was previously allowed as a deduction. The appeal by the Assessing Officer was dismissed, maintaining the established legal position that depreciation is necessary to account for the wear and tear of capital assets and preserve the trust's corpus for generating income. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343677