https://www.taxtmi.com/caselaws?id=348844 Depreciation is allowable to a charitable trust on capital assets even where the acquisition cost was earlier treated as application of income, because income under section 11 is computed on commercial principles and depreciation is a real outgoing needed to preserve the corpus and determine amounts available for application. The Tribunal distinguished the scientific research context and accepted that section 11(6), inserted by the Finance (No. 2) Act, 2014, applies prospectively from 1 April 2015. Depreciation was therefore upheld for the year under appeal, and the Revenue's challenge failed. en-us Fri, 02 Jun 2017 00:00:00 +0530 Fri, 29 Sep 2017 11:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348844 Depreciation is allowable to a charitable trust on capital assets even where the acquisition cost was earlier treated as application of income, because income under section 11 is computed on commercial principles and depreciation is a real outgoing needed to preserve the corpus and determine amounts available for application. The Tribunal distinguished the scientific research context and accepted that section 11(6), inserted by the Finance (No. 2) Act, 2014, applies prospectively from 1 April 2015. Depreciation was therefore upheld for the year under appeal, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348844