https://www.taxtmi.com/caselaws?id=406353 A charitable institution claiming exemption under Section 11 is entitled to depreciation on capital assets used for its activities even where the acquisition cost was earlier treated as application of income. The Madras HC followed the Supreme Court in Rajasthan and Gujarati Charitable Foundation and also noted that the same view had been applied in the assessee's earlier appeals. On that basis, the Revenue's legal challenge could not succeed and the allowance of depreciation was affirmed. en-us Fri, 26 Feb 2021 00:00:00 +0530 Tue, 13 Apr 2021 03:09:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406353 A charitable institution claiming exemption under Section 11 is entitled to depreciation on capital assets used for its activities even where the acquisition cost was earlier treated as application of income. The Madras HC followed the Supreme Court in Rajasthan and Gujarati Charitable Foundation and also noted that the same view had been applied in the assessee's earlier appeals. On that basis, the Revenue's legal challenge could not succeed and the allowance of depreciation was affirmed. Case-Laws Income Tax Fri, 26 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406353