https://www.taxtmi.com/caselaws?id=290373 The court held that depreciation is allowable on assets for charitable trusts, even if the assets are not business assets, and income should be computed on commercial principles under Section 11. The court also affirmed the set-off of excess expenditure/application against future income, stating it qualifies as application of income for charitable purposes. The appeal by the Revenue was dismissed, with no costs awarded, and the court directed to send a copy of the order to the respondent-assessee. en-us Tue, 14 Aug 2018 00:00:00 +0530 Tue, 22 Sep 2020 19:00:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290373 The court held that depreciation is allowable on assets for charitable trusts, even if the assets are not business assets, and income should be computed on commercial principles under Section 11. The court also affirmed the set-off of excess expenditure/application against future income, stating it qualifies as application of income for charitable purposes. The appeal by the Revenue was dismissed, with no costs awarded, and the court directed to send a copy of the order to the respondent-assessee. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290373