https://www.taxtmi.com/caselaws?id=352798 The SC held that depreciation of assets acquired by an assessee trust constitutes capital expenditure treated as application of income for charitable purposes. The court affirmed the principle established in Commissioner of Income Tax v. Institute of Banking Personnel Selection, noting most HCs support this view except Kerala HC which took a contrary position. The court recognized that Parliament addressed this issue through Section 11(6) amendment via Finance Act 2/2014, effective from AY 2015-2016, which Delhi HC correctly determined to be prospective. The court ruled that once depreciation is allowed, the assessee may carry forward such depreciation. en-us Wed, 13 Dec 2017 00:00:00 +0530 Thu, 15 May 2025 14:54:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352798 The SC held that depreciation of assets acquired by an assessee trust constitutes capital expenditure treated as application of income for charitable purposes. The court affirmed the principle established in Commissioner of Income Tax v. Institute of Banking Personnel Selection, noting most HCs support this view except Kerala HC which took a contrary position. The court recognized that Parliament addressed this issue through Section 11(6) amendment via Finance Act 2/2014, effective from AY 2015-2016, which Delhi HC correctly determined to be prospective. The court ruled that once depreciation is allowed, the assessee may carry forward such depreciation. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352798