https://www.taxtmi.com/caselaws?id=28246 The High Court of Karnataka ruled in favor of a charitable institution, affirming that depreciation should be considered a legitimate expense when calculating income available for charitable purposes. The Court emphasized the importance of including depreciation in determining the true profits of the institution, rejecting the Revenue Department's argument that depreciation should be excluded. The Court's decision highlighted the significance of accounting principles and previous judicial decisions supporting the inclusion of depreciation in income calculations for charitable institutions. Ultimately, the Court directed each party to bear their own costs. en-us Fri, 26 Aug 1983 00:00:00 +0530 Sat, 20 Feb 2010 10:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28246 The High Court of Karnataka ruled in favor of a charitable institution, affirming that depreciation should be considered a legitimate expense when calculating income available for charitable purposes. The Court emphasized the importance of including depreciation in determining the true profits of the institution, rejecting the Revenue Department's argument that depreciation should be excluded. The Court's decision highlighted the significance of accounting principles and previous judicial decisions supporting the inclusion of depreciation in income calculations for charitable institutions. Ultimately, the Court directed each party to bear their own costs. Case-Laws Income Tax Fri, 26 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28246