https://www.taxtmi.com/caselaws?id=405675 The Tribunal affirmed the decision of the Commissioner of Income Tax (Appeals) to allow depreciation as application of income for the charitable trust, in line with established legal principles and judicial precedents. The Tribunal dismissed the Revenue's appeals for the assessment years 2010-11 and 2008-09, holding that claiming depreciation on capital assets for a charitable trust does not constitute a double deduction and is a legitimate deduction for computing the real income of the assessee, even if the trust is not engaged in business activities. en-us Tue, 23 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 20:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405675 The Tribunal affirmed the decision of the Commissioner of Income Tax (Appeals) to allow depreciation as application of income for the charitable trust, in line with established legal principles and judicial precedents. The Tribunal dismissed the Revenue's appeals for the assessment years 2010-11 and 2008-09, holding that claiming depreciation on capital assets for a charitable trust does not constitute a double deduction and is a legitimate deduction for computing the real income of the assessee, even if the trust is not engaged in business activities. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405675