https://www.taxtmi.com/caselaws?id=362213 The Appellate Tribunal, ITAT Chennai, upheld the decision of the Commissioner of Income Tax (Appeals) to allow depreciation on assets treated as application of income by a trust under section 12A(a) of the Income Tax Act. The Tribunal emphasized that depreciation could be claimed under general principles or section 11(1)(a) of the Act, rejecting the argument that it was limited to section 32. The Tribunal's decision was supported by previous judgments and clarified that once depreciation was allowed, it could be carried forward. Consequently, the Revenue's appeal was dismissed. en-us Mon, 18 Jun 2018 00:00:00 +0530 Thu, 21 Jun 2018 06:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362213 The Appellate Tribunal, ITAT Chennai, upheld the decision of the Commissioner of Income Tax (Appeals) to allow depreciation on assets treated as application of income by a trust under section 12A(a) of the Income Tax Act. The Tribunal emphasized that depreciation could be claimed under general principles or section 11(1)(a) of the Act, rejecting the argument that it was limited to section 32. The Tribunal's decision was supported by previous judgments and clarified that once depreciation was allowed, it could be carried forward. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 18 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362213