https://www.taxtmi.com/caselaws?id=351925 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee on both issues. It ruled that allowing depreciation on assets considered as application of income does not result in a double deduction. Additionally, it held that excess expenditure can be carried forward and set off against future income for charitable trusts. The Tribunal dismissed all appeals of the revenue, stating that the principles established by the Karnataka High Court and other Tribunal orders were applicable, and consequently, all cross-objections filed by the assessee were dismissed as not pressed. en-us Wed, 29 Nov 2017 00:00:00 +0530 Mon, 04 Dec 2017 08:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351925 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee on both issues. It ruled that allowing depreciation on assets considered as application of income does not result in a double deduction. Additionally, it held that excess expenditure can be carried forward and set off against future income for charitable trusts. The Tribunal dismissed all appeals of the revenue, stating that the principles established by the Karnataka High Court and other Tribunal orders were applicable, and consequently, all cross-objections filed by the assessee were dismissed as not pressed. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351925