https://www.taxtmi.com/caselaws?id=299138 The Tribunal upheld the decision of the CIT(Appeals) to allow the claim of depreciation by the assessee as an application of income for exemption under Sections 11 and 12 of the Income-tax Act, 1961. The Tribunal relied on its previous orders and other judicial precedents to support the allowance of depreciation for charitable trusts. It concluded that in the absence of a contrary view from the jurisdictional High Court, the view in favor of the assessee could be followed when there is a difference of opinion among various High Courts. As a result, the Revenue's appeal was dismissed. en-us Thu, 06 Jun 2013 00:00:00 +0530 Sat, 04 Dec 2021 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299138 The Tribunal upheld the decision of the CIT(Appeals) to allow the claim of depreciation by the assessee as an application of income for exemption under Sections 11 and 12 of the Income-tax Act, 1961. The Tribunal relied on its previous orders and other judicial precedents to support the allowance of depreciation for charitable trusts. It concluded that in the absence of a contrary view from the jurisdictional High Court, the view in favor of the assessee could be followed when there is a difference of opinion among various High Courts. As a result, the Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 06 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299138