https://www.taxtmi.com/highlights?id=43116 When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on acquiring those assets had been treated as 'application of income' of the trust in the year in which the income was spent in acquiring those assets. This did not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. en-us Thu, 06 Dec 2018 09:55:18 +0530 Thu, 06 Dec 2018 09:55:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=43116 When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on acquiring those assets had been treated as 'application of income' of the trust in the year in which the income was spent in acquiring those assets. This did not mean that in computing income from those assets in subsequent years, depreciation in respect of those assets cannot be taken into account. Highlights Income Tax Thu, 06 Dec 2018 09:55:18 +0530 https://www.taxtmi.com/highlights?id=43116