https://www.taxtmi.com/caselaws?id=286085 The Appellate Tribunal upheld the order of the Commissioner of Income Tax (Appeals) in favor of the charitable trust. The trust was deemed entitled to claim depreciation on capital assets for which the cost had already been allowed as application of income, without risking double deduction. Additionally, the trust could carry forward and set off deficits from previous years due to excess expenditure/application of income, as supported by legal precedents and relevant provisions. The Revenue's appeal was dismissed, affirming the trust's entitlement to these claims. en-us Fri, 22 Jul 2016 00:00:00 +0530 Wed, 12 Feb 2020 07:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286085 The Appellate Tribunal upheld the order of the Commissioner of Income Tax (Appeals) in favor of the charitable trust. The trust was deemed entitled to claim depreciation on capital assets for which the cost had already been allowed as application of income, without risking double deduction. Additionally, the trust could carry forward and set off deficits from previous years due to excess expenditure/application of income, as supported by legal precedents and relevant provisions. The Revenue's appeal was dismissed, affirming the trust's entitlement to these claims. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286085