https://www.taxtmi.com/caselaws?id=409941 The High Court ruled in favor of the appellant-Trust, setting aside the Tribunal's decision and allowing the appeals for the Assessment Years 2008-2009 and 2009-2010. The Court affirmed the Trust's entitlement to claim depreciation under section 11 of the Income Tax Act, emphasizing that the legislative amendment to section 11(6) is prospective. The judgment highlighted commercial principles for computing Trust income and upheld the allowance of depreciation, in line with previous judicial decisions and consistent views of various High Courts. en-us Tue, 13 Jul 2021 00:00:00 +0530 Mon, 19 Jul 2021 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409941 The High Court ruled in favor of the appellant-Trust, setting aside the Tribunal's decision and allowing the appeals for the Assessment Years 2008-2009 and 2009-2010. The Court affirmed the Trust's entitlement to claim depreciation under section 11 of the Income Tax Act, emphasizing that the legislative amendment to section 11(6) is prospective. The judgment highlighted commercial principles for computing Trust income and upheld the allowance of depreciation, in line with previous judicial decisions and consistent views of various High Courts. Case-Laws Income Tax Tue, 13 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409941