https://www.taxtmi.com/caselaws?id=423286 The Tribunal allowed the appeal, directing the AO to permit the depreciation claimed by the charitable trust. The decision aligned with the Supreme Court's precedent that depreciation cannot be denied when assets are treated as application of income under Section 11, to avoid double benefit to the assessee. The ruling upheld the principle that allowed depreciation can be carried forward, emphasizing the interpretation of Sections 11 and 32 of the Income Tax Act. en-us Wed, 01 Jun 2022 00:00:00 +0530 Thu, 02 Jun 2022 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423286 The Tribunal allowed the appeal, directing the AO to permit the depreciation claimed by the charitable trust. The decision aligned with the Supreme Court's precedent that depreciation cannot be denied when assets are treated as application of income under Section 11, to avoid double benefit to the assessee. The ruling upheld the principle that allowed depreciation can be carried forward, emphasizing the interpretation of Sections 11 and 32 of the Income Tax Act. Case-Laws Income Tax Wed, 01 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423286