https://www.taxtmi.com/caselaws?id=305794 For a charitable trust, dividend income exempt under section 10 is not to be included when applying the 85% application test under section 11, because income excluded under section 10 does not re-enter the section 11 computation. Depreciation on trust assets is also allowable on commercial principles even where the acquisition cost of the fixed assets was already treated as application of income, and this does not amount to a double deduction. The later amendment in section 11(6) was stated not to affect the year in question. The Revenue's challenge therefore failed on both issues, and the relief granted by the appellate authority was sustained. en-us Thu, 31 Jan 2019 00:00:00 +0530 Sat, 24 Dec 2022 11:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305794 For a charitable trust, dividend income exempt under section 10 is not to be included when applying the 85% application test under section 11, because income excluded under section 10 does not re-enter the section 11 computation. Depreciation on trust assets is also allowable on commercial principles even where the acquisition cost of the fixed assets was already treated as application of income, and this does not amount to a double deduction. The later amendment in section 11(6) was stated not to affect the year in question. The Revenue's challenge therefore failed on both issues, and the relief granted by the appellate authority was sustained. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305794