https://www.taxtmi.com/caselaws?id=307452 The appeals by Revenue against orders of Ld. CIT(A)-1, Mumbai for A.Yrs. 2007-08 & 2008-09, regarding depreciation on fixed assets and set off of deficit, were dismissed. The High Court decision supported allowing depreciation on assets and adjusting expenses against income for charitable purposes. For A.Y. 2008-09, the claim of deduction under section 24 was allowed for a charitable trust. The decisions in favor of the assessee were based on relevant High Court and Tribunal rulings, resulting in the dismissal of Revenue's appeals for both assessment years. 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 The appeals by Revenue against orders of Ld. CIT(A)-1, Mumbai for A.Yrs. 2007-08 & 2008-09, regarding depreciation on fixed assets and set off of deficit, were dismissed. The High Court decision supported allowing depreciation on assets and adjusting expenses against income for charitable purposes. For A.Y. 2008-09, the claim of deduction under section 24 was allowed for a charitable trust. The decisions in favor of the assessee were based on relevant High Court and Tribunal rulings, resulting in the dismissal of Revenue's appeals for both assessment years. Case-Laws Income Tax Thu, 11 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307452