https://www.taxtmi.com/caselaws?id=756347 The Bombay HC ruled in favor of the assessee-trust regarding depreciation claims for assessment year 2011-12. Following the SC's authoritative pronouncement in Rajasthan Gujarati Charitable Foundation Poona, the court held that depreciation on asset costs allowed as expenditure does not constitute double deduction. The court relied on its prior decision in CIT v. Institute of Banking and affirmed that once depreciation is allowed, the assessee is entitled to carry forward such depreciation. The Income Tax Appellate Tribunal's decision was upheld, and the assessee's appeal was allowed against the Revenue. en-us Wed, 03 Jul 2024 00:00:00 +0530 Wed, 31 Jul 2024 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756347 The Bombay HC ruled in favor of the assessee-trust regarding depreciation claims for assessment year 2011-12. Following the SC's authoritative pronouncement in Rajasthan Gujarati Charitable Foundation Poona, the court held that depreciation on asset costs allowed as expenditure does not constitute double deduction. The court relied on its prior decision in CIT v. Institute of Banking and affirmed that once depreciation is allowed, the assessee is entitled to carry forward such depreciation. The Income Tax Appellate Tribunal's decision was upheld, and the assessee's appeal was allowed against the Revenue. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756347