https://www.taxtmi.com/caselaws?id=199900 Income of a charitable trust is computed on commercial principles under section 11, so depreciation on assets used for the trust's objects remains allowable even where those assets were earlier treated as application of income; the disallowance was not justified and the assessee succeeded on this issue. On the same commercial basis, a deficit of a charitable trust is comparable to a business loss and may be carried forward and set off against income of subsequent years; this treatment was also upheld in favour of the assessee. The Revenue's appeal failed in full and the first appellate relief was sustained. en-us Mon, 20 Oct 2014 00:00:00 +0530 Wed, 14 Mar 2018 19:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199900 Income of a charitable trust is computed on commercial principles under section 11, so depreciation on assets used for the trust's objects remains allowable even where those assets were earlier treated as application of income; the disallowance was not justified and the assessee succeeded on this issue. On the same commercial basis, a deficit of a charitable trust is comparable to a business loss and may be carried forward and set off against income of subsequent years; this treatment was also upheld in favour of the assessee. The Revenue's appeal failed in full and the first appellate relief was sustained. Case-Laws Income Tax Mon, 20 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199900