https://www.taxtmi.com/caselaws?id=369702 The Tribunal upheld the CIT(A)'s decision to allow depreciation on fixed assets and the carryforward of deficit to be set off against subsequent years' income. Relying on precedents, including a decision of the Hon'ble Bombay High Court, the Tribunal emphasized the application of commercial principles in computing income for charitable trusts. The Revenue's appeal was dismissed, affirming the decisions in favor of the assessee. en-us Mon, 29 Oct 2018 00:00:00 +0530 Thu, 01 Nov 2018 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369702 The Tribunal upheld the CIT(A)'s decision to allow depreciation on fixed assets and the carryforward of deficit to be set off against subsequent years' income. Relying on precedents, including a decision of the Hon'ble Bombay High Court, the Tribunal emphasized the application of commercial principles in computing income for charitable trusts. The Revenue's appeal was dismissed, affirming the decisions in favor of the assessee. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369702