https://www.taxtmi.com/article/detailed?id=7795 Assets acquired by a charitable institution and treated as application of income remain eligible for depreciation when computing income: depreciation may be allowed under general commercial principles applicable to trust income and, where assets are used in business, under statutory depreciation rules; depreciation disallowed for want of adequate chargeable income is carry forwardable; an amendment inserting subsection (6) into section 11 was held to operate prospectively. en-us Wed, 27 Dec 2017 22:12:14 +0530 Wed, 27 Dec 2017 22:12:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7795 Assets acquired by a charitable institution and treated as application of income remain eligible for depreciation when computing income: depreciation may be allowed under general commercial principles applicable to trust income and, where assets are used in business, under statutory depreciation rules; depreciation disallowed for want of adequate chargeable income is carry forwardable; an amendment inserting subsection (6) into section 11 was held to operate prospectively. Articles Income Tax Wed, 27 Dec 2017 22:12:14 +0530 https://www.taxtmi.com/article/detailed?id=7795