https://www.taxtmi.com/caselaws?id=307452 Income of a charitable trust must be computed on commercial principles, so normal depreciation on fixed assets remains allowable even where the asset cost was already treated as application of income under section 11. Earlier years' excess expenditure may also be set off against subsequent year income and treated as application of income for charitable purposes in the year of adjustment. Income from house property is to be computed under the ordinary statutory framework, and the deduction under section 24 is not denied merely because the owner is a charitable trust. The Revenue's appeals therefore failed on all substantive issues. en-us Thu, 11 Jul 2013 00:00:00 +0530 Fri, 14 Apr 2023 14:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307452 Income of a charitable trust must be computed on commercial principles, so normal depreciation on fixed assets remains allowable even where the asset cost was already treated as application of income under section 11. Earlier years' excess expenditure may also be set off against subsequent year income and treated as application of income for charitable purposes in the year of adjustment. Income from house property is to be computed under the ordinary statutory framework, and the deduction under section 24 is not denied merely because the owner is a charitable trust. The Revenue's appeals therefore failed on all substantive issues. Case-Laws Income Tax Thu, 11 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307452