https://www.taxtmi.com/caselaws?id=411650 The Supreme Court allowed the appeal filed by the assessee, holding that depreciation is a legitimate deduction in computing the real income of the assessee under section 11(1)(a) of the Income Tax Act. The Court emphasized that depreciation can be claimed under general principles or under the specific provision of the Act, even if the capital expenditure was treated as an application of income for charitable purposes. Additionally, the Court affirmed that depreciation on assets can be claimed in subsequent years for depreciable assets, dismissing the appeal in favor of the assessee. en-us Wed, 18 Aug 2021 00:00:00 +0530 Mon, 30 Aug 2021 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411650 The Supreme Court allowed the appeal filed by the assessee, holding that depreciation is a legitimate deduction in computing the real income of the assessee under section 11(1)(a) of the Income Tax Act. The Court emphasized that depreciation can be claimed under general principles or under the specific provision of the Act, even if the capital expenditure was treated as an application of income for charitable purposes. Additionally, the Court affirmed that depreciation on assets can be claimed in subsequent years for depreciable assets, dismissing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411650