https://www.taxtmi.com/caselaws?id=299139 The ITAT upheld the CIT(A)'s decision to allow a trust to claim depreciation as part of its application for charitable purposes under sections 11 & 12 of the Income Tax Act. It emphasized the need to deduct depreciation on trust assets for income calculation, following the view favoring the assessee in the absence of a unanimous High Court decision, thereby dismissing the Revenue's appeal. en-us Mon, 28 Jan 2013 00:00:00 +0530 Sat, 04 Dec 2021 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299139 The ITAT upheld the CIT(A)'s decision to allow a trust to claim depreciation as part of its application for charitable purposes under sections 11 & 12 of the Income Tax Act. It emphasized the need to deduct depreciation on trust assets for income calculation, following the view favoring the assessee in the absence of a unanimous High Court decision, thereby dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 28 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299139