https://www.taxtmi.com/caselaws?id=312240 The Tribunal dismissed all five appeals filed by the Revenue concerning the assessment years 2008-09, 2009-10, and 2010-11, regarding the allowability of depreciation on fixed assets acquired for the Trust's objectives. The Tribunal ruled in favor of the assessee, supporting the decision of the CIT (A) to allow the claim for depreciation. This decision was influenced by precedents from the Bombay HC and Punjab and Haryana HC, which validated the inclusion of depreciation in computing the trust's income. The Tribunal found the CIT (A)'s decision reasonable and fair, leading to the dismissal of all grounds raised by the Revenue. en-us Mon, 18 Jul 2016 00:00:00 +0530 Wed, 07 Feb 2024 20:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312240 The Tribunal dismissed all five appeals filed by the Revenue concerning the assessment years 2008-09, 2009-10, and 2010-11, regarding the allowability of depreciation on fixed assets acquired for the Trust's objectives. The Tribunal ruled in favor of the assessee, supporting the decision of the CIT (A) to allow the claim for depreciation. This decision was influenced by precedents from the Bombay HC and Punjab and Haryana HC, which validated the inclusion of depreciation in computing the trust's income. The Tribunal found the CIT (A)'s decision reasonable and fair, leading to the dismissal of all grounds raised by the Revenue. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312240