https://www.taxtmi.com/caselaws?id=387598 The Supreme Court held that a Trust is entitled to claim depreciation on assets acquired through expenditure for charitable purposes under Section 11(1)(a) of the Income Tax Act, 1961. Even if the cost of acquisition is treated as application of income, depreciation can still be claimed in subsequent years. The Court emphasized that depreciation is a legitimate deduction in computing the real income of the assessee, regardless of business activities. The judgment clarifies that depreciation can be allowed on assets acquired for charitable purposes, aligning with previous rulings and confirming the principles articulated by the Bombay High Court. en-us Thu, 17 Oct 2019 00:00:00 +0530 Fri, 25 Oct 2019 16:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387598 The Supreme Court held that a Trust is entitled to claim depreciation on assets acquired through expenditure for charitable purposes under Section 11(1)(a) of the Income Tax Act, 1961. Even if the cost of acquisition is treated as application of income, depreciation can still be claimed in subsequent years. The Court emphasized that depreciation is a legitimate deduction in computing the real income of the assessee, regardless of business activities. The judgment clarifies that depreciation can be allowed on assets acquired for charitable purposes, aligning with previous rulings and confirming the principles articulated by the Bombay High Court. Case-Laws Income Tax Thu, 17 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387598