https://www.taxtmi.com/caselaws?id=289372 The court held that depreciation is allowable on assets of a charitable trust even if the cost has been fully allowed as application of income in past years. It affirmed that depreciation is a legitimate deduction based on normal commercial principles, distinct from double deductions. The court emphasized that depreciation is essential for computing the real income of the trust and allowed the carrying forward of losses for set-off against income. The appeal by the Revenue was disposed of in line with Supreme Court and High Court decisions, with no costs awarded. en-us Tue, 14 Aug 2018 00:00:00 +0530 Tue, 28 Jul 2020 10:11:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289372 The court held that depreciation is allowable on assets of a charitable trust even if the cost has been fully allowed as application of income in past years. It affirmed that depreciation is a legitimate deduction based on normal commercial principles, distinct from double deductions. The court emphasized that depreciation is essential for computing the real income of the trust and allowed the carrying forward of losses for set-off against income. The appeal by the Revenue was disposed of in line with Supreme Court and High Court decisions, with no costs awarded. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289372