https://www.taxtmi.com/caselaws?id=363858 The appeal was allowed by the ITAT as the assessee trust was found eligible to claim depreciation on a fixed asset, despite the entire cost being claimed as application of income in previous years under section 11 of the Act. The ITAT relied on the Supreme Court's decision that depreciation could be claimed in such cases. The judgment emphasized that granting depreciation did not amount to a double benefit and discussed the inapplicability of section 11(6) for the relevant year. The decision highlighted legal principles regarding depreciation for charitable institutions, citing precedents from the Supreme Court and Bombay High Court. en-us Tue, 10 Jul 2018 00:00:00 +0530 Thu, 19 Jul 2018 06:09:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363858 The appeal was allowed by the ITAT as the assessee trust was found eligible to claim depreciation on a fixed asset, despite the entire cost being claimed as application of income in previous years under section 11 of the Act. The ITAT relied on the Supreme Court's decision that depreciation could be claimed in such cases. The judgment emphasized that granting depreciation did not amount to a double benefit and discussed the inapplicability of section 11(6) for the relevant year. The decision highlighted legal principles regarding depreciation for charitable institutions, citing precedents from the Supreme Court and Bombay High Court. Case-Laws Income Tax Tue, 10 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363858