AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation. https://www.taxtmi.com/highlights?id=77872 The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim. ITAT noted u/s 11(6) disallowing depreciation on assets claimed as income application. The issue was remanded to AO for fresh income application review. The appeal was allowed for statistical purposes. en-us Tue, 28 May 2024 07:35:39 +0530 Tue, 28 May 2024 07:35:39 +0530 TaxTMI RSS Generator AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation. https://www.taxtmi.com/highlights?id=77872 The ITAT Chennai assessed a trust's income application. The trust argued excess income application, potentially eliminating tax liability despite depreciation claim. ITAT noted u/s 11(6) disallowing depreciation on assets claimed as income application. The issue was remanded to AO for fresh income application review. The appeal was allowed for statistical purposes. Highlights Income Tax Tue, 28 May 2024 07:35:39 +0530 https://www.taxtmi.com/highlights?id=77872