https://www.taxtmi.com/caselaws?id=24017 HC determined that depreciation could be allowed for a charitable trust despite Revenue's objections. The court ruled that depreciation is a valid accounting practice for preserving trust corpus, even when income is not computed under the "Business" head. The Tribunal's direction to allow depreciation was upheld, emphasizing the importance of accounting principles in tax assessment. en-us Wed, 13 Sep 1989 00:00:00 +0530 Thu, 15 May 2025 14:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24017 HC determined that depreciation could be allowed for a charitable trust despite Revenue's objections. The court ruled that depreciation is a valid accounting practice for preserving trust corpus, even when income is not computed under the "Business" head. The Tribunal's direction to allow depreciation was upheld, emphasizing the importance of accounting principles in tax assessment. Case-Laws Income Tax Wed, 13 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24017