https://www.taxtmi.com/caselaws?id=283862 The court affirmed the entitlement of a charitable trust to carry forward excess or surplus funds for set-off against subsequent years' income, based on commercial principles. It also held that depreciation should be allowed on assets, even if fully allowed in past years, to preserve the trust's corpus. The Revenue's appeal was dismissed as the issues did not raise substantial questions of law, relying on prior judgments supporting these principles. The court directed the order to be sent to the respondent-assessee without awarding costs. en-us Tue, 14 Aug 2018 00:00:00 +0530 Thu, 17 Oct 2019 20:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283862 The court affirmed the entitlement of a charitable trust to carry forward excess or surplus funds for set-off against subsequent years' income, based on commercial principles. It also held that depreciation should be allowed on assets, even if fully allowed in past years, to preserve the trust's corpus. The Revenue's appeal was dismissed as the issues did not raise substantial questions of law, relying on prior judgments supporting these principles. The court directed the order to be sent to the respondent-assessee without awarding costs. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283862