https://www.taxtmi.com/caselaws?id=445748 ITAT Chennai held that a trust's depreciation claim on assets whose acquisition expenditure was previously claimed as application of income is allowable, following SC precedent in Rajasthan and Gujarat Charitable Foundation case. However, profit from property sale at Thangam colony was correctly included in gross receipts and excluded from application of income due to violation of Section 11(1A) conditions, as no new asset acquisition occurred despite claims of improvement and acquisition of other fixed assets. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 18 Nov 2023 08:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445748 ITAT Chennai held that a trust's depreciation claim on assets whose acquisition expenditure was previously claimed as application of income is allowable, following SC precedent in Rajasthan and Gujarat Charitable Foundation case. However, profit from property sale at Thangam colony was correctly included in gross receipts and excluded from application of income due to violation of Section 11(1A) conditions, as no new asset acquisition occurred despite claims of improvement and acquisition of other fixed assets. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445748