https://www.taxtmi.com/caselaws?id=371826 The Tribunal upheld the decision of the ld.CIT(A), allowing the assessee, a public charitable trust, to claim depreciation on capital expenditure despite it being treated as application of income. The Tribunal held that granting depreciation did not result in a double benefit, in accordance with the Supreme Court's ruling. The specific provision prohibiting depreciation on charitable expenditure was prospective from the assessment year 2015-16. Therefore, the Revenue's appeal was dismissed, affirming the assessee's entitlement to depreciation allowance under section 32 of the Income Tax Act. en-us Wed, 01 Aug 2018 00:00:00 +0530 Wed, 12 Dec 2018 13:33:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371826 The Tribunal upheld the decision of the ld.CIT(A), allowing the assessee, a public charitable trust, to claim depreciation on capital expenditure despite it being treated as application of income. The Tribunal held that granting depreciation did not result in a double benefit, in accordance with the Supreme Court's ruling. The specific provision prohibiting depreciation on charitable expenditure was prospective from the assessment year 2015-16. Therefore, the Revenue's appeal was dismissed, affirming the assessee's entitlement to depreciation allowance under section 32 of the Income Tax Act. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371826