https://www.taxtmi.com/caselaws?id=356370 The ITAT upheld the CIT(A)'s decision to allow the depreciation and carry forward losses claimed by the charitable trust. Relying on precedents from higher courts, including the Gujarat High Court and the Supreme Court, it was held that depreciation should be permitted for charitable trusts to compute real income. The legislative amendment disallowing such claims was deemed prospective from AY 2015-16. The ITAT dismissed the department's appeal, affirming the CIT(A)'s decision. en-us Tue, 27 Feb 2018 00:00:00 +0530 Sat, 02 Jun 2018 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356370 The ITAT upheld the CIT(A)'s decision to allow the depreciation and carry forward losses claimed by the charitable trust. Relying on precedents from higher courts, including the Gujarat High Court and the Supreme Court, it was held that depreciation should be permitted for charitable trusts to compute real income. The legislative amendment disallowing such claims was deemed prospective from AY 2015-16. The ITAT dismissed the department's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356370