https://www.taxtmi.com/caselaws?id=11526 The Bombay HC addressed three issues regarding charitable trust taxation. The court ruled that depreciation cannot be allowed on assets whose cost was already fully allowed as application of income under section 11 in previous years, as this would constitute double deduction. The court held that depreciation of Rs. 49,453 on transferred assets was improperly allowed since the assessee had not incurred acquisition costs. Regarding excess expenditure adjustment, the court determined that surplus charitable expenditure from earlier years can be adjusted against subsequent year income and should be treated as application of income for charitable purposes in the adjustment year. en-us Wed, 09 Jul 2003 00:00:00 +0530 Thu, 15 May 2025 15:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11526 The Bombay HC addressed three issues regarding charitable trust taxation. The court ruled that depreciation cannot be allowed on assets whose cost was already fully allowed as application of income under section 11 in previous years, as this would constitute double deduction. The court held that depreciation of Rs. 49,453 on transferred assets was improperly allowed since the assessee had not incurred acquisition costs. Regarding excess expenditure adjustment, the court determined that surplus charitable expenditure from earlier years can be adjusted against subsequent year income and should be treated as application of income for charitable purposes in the adjustment year. Case-Laws Income Tax Wed, 09 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11526