https://www.taxtmi.com/caselaws?id=284586 The Tribunal dismissed the appeals, upholding the lower authorities' decisions, ruling that the assessees were not entitled to claim depreciation on assets used for charitable activities as they were not engaged in any business. The judgment emphasized the primacy of statutory provisions over commercial principles, confirming that depreciation under Section 32 of the Income Tax Act applies only to assets used for business or professional purposes. The appeals were consequently dismissed on 28th October 2016 in Chennai. en-us Fri, 28 Oct 2016 00:00:00 +0530 Wed, 27 Nov 2019 18:16:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284586 The Tribunal dismissed the appeals, upholding the lower authorities' decisions, ruling that the assessees were not entitled to claim depreciation on assets used for charitable activities as they were not engaged in any business. The judgment emphasized the primacy of statutory provisions over commercial principles, confirming that depreciation under Section 32 of the Income Tax Act applies only to assets used for business or professional purposes. The appeals were consequently dismissed on 28th October 2016 in Chennai. Case-Laws Income Tax Fri, 28 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284586