https://www.taxtmi.com/caselaws?id=445614 The ITAT Jaipur allowed the assessee trust's depreciation claim on purchased assets. Following the SC decision in Rajasthan Gujarati Foundation, the tribunal held that treating asset acquisition as application of trust income in the purchase year does not preclude claiming depreciation on those assets in subsequent years. The tribunal noted that prior to the Finance Act 2014 amendment to Section 11(6) effective from AY 2015-16, there was no specific provision preventing such depreciation claims. The assessee's ground was allowed based on this reasoning. en-us Thu, 09 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445614 The ITAT Jaipur allowed the assessee trust's depreciation claim on purchased assets. Following the SC decision in Rajasthan Gujarati Foundation, the tribunal held that treating asset acquisition as application of trust income in the purchase year does not preclude claiming depreciation on those assets in subsequent years. The tribunal noted that prior to the Finance Act 2014 amendment to Section 11(6) effective from AY 2015-16, there was no specific provision preventing such depreciation claims. The assessee's ground was allowed based on this reasoning. Case-Laws Income Tax Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445614